Gold down after S&P 500 hits record high

Gold futures on the COMEX division of the New York Mercantile Exchange retreated Monday after S&P 500 hit the round number of 2,000 points for the first time.

The most active gold contract for December delivery lost 1.3 dollars, or 0.1 percent, to settle at 1,278.9 dollars per ounce.

After an uptick Friday, Gold prices came back to its losing way Monday under pressure from positive U.S. equities and the strong U. S. dollar, indicating an risk appetite is improved in the marketplace even when geopolitical tensions lingered and U.S. housing market data came out lower than expected.

The S&P 500 index jumped above the milestone level of 2000 Monday following posting its largest weekly gains in four months, while the dollar climbed to a fresh 11-month high against the euro on hints of more stimulus from the European Central Bank.

On the economic front, sales of new U.S. single-family homes slipped 2.4 percent in July to a seasonally adjusted annual rate of 412,000, said the Commerce Department Monday morning. The drop in July followed a sharp decline in June.

Silver for September delivery lost 2.8 cents, or 0.14 percent, to close at 19.358 dollars per ounce. Platinum for October delivery fell 0.1 dollar, or 0.01 percent, to close at 1,418.4 dollars per ounce.