iNVEZZ.com, Tuesday, August 6th: Gold price fell below the $1,300-per-ounce level today, dragged down by upbeat economic data on both sides of the Atlantic which eroded bullion’s safe haven appeal. Silver price declined and platinum price tracked the other precious metals lower. Copper price inched higher, supported by a weaker greenback and ahead of trading and industrial output data from China scheduled to be released later during the week. Gold Price Declines Spot gold shed 0.71 percent to trade at $1,293.77 an ounce as of 12:06 BST, whereas COMEX gold for December delivery was trading 0.73 percent lower at $1,292.90. The gold price was under pressure from figures pointing to a recovery in the services sector in the US. In addition, activity at companies in the Eurozone expanded last month for the first time in 18 months. Reuters quoted traders as reporting that the precious metal’s fall was exacerbated by technical selling with automatic sale orders placed below the $1,300-mark to curb losses. “We fell through the psychological support level of $1,300 last night, and it does feel as the prevailing dollar strength is curtailing gold momentum,� noted Ross Norman, CEO of bullion dealer Sharps Pixley.

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