Gold falls on profit taking

CHICAGO, June 18 (Xinhua): Gold futures on the COMEX division of the New York Mercantile Exchange yesterday went down for the first time in seven trading sessions on profit taking.

The most active gold contract for August delivery fell 3.3 dollars, or 0.26 per cent, to settle at 1,272 dollars per ounce.

Easing of tension in Iraq as Iraqi Government began to fight back the ISIS forces also dampened gold.

Gold sank further as a report released by US Labour Department showed that US consumer price index rose a seasonally adjusted 0.4 per cent in May after a 0.3-per cent gain in April. Normally this measure would support gold, but some market analysts believe that it confirms US Central Bank's plan to further cut bond-buying.