Gold prices weaker in Asia

Gold prices fell early in Asia on Monday as demand prospects waned with expectations that the US Federal Reserve could raise interest rates within the first half of 2015. On the Comex division of the New York Mercantile Exchange, gold for December traded at $1,228.60 a troy ounce, down 0.24%, after hitting a session low of $1,228.10 a troy ounce on Friday, a level not seen since Jan. 9. Prices recovered on Friday to settle at $1,231.50, down $7.50, or 0.61%. Upbeat US economic data on Friday underlined optimism over the strength of the economy and fuelled expectations that the Federal Reserve will begin to raise rates sooner than previously thought. In a preliminary report, the University of Michigan said its consumer sentiment index rose to a 14-month high of 84.6 this month, from a reading of 82.5 in August. The data came after a government report showed that US retail sales rose 0.6% last month, in line with expectations, according to investing.com