Gold slid for a fifth straight session on Monday in its longest losing streak since November, and hit a fresh four-month low, hurt by stronger global equities and weak physical demand in Asia. Spot gold fell to $1,240.69 an ounce, its lowest since early February, before recovering slightly to $1,243.40 by 0633 GMT. The five-day fall is the metal's longest losing run since October-November when it dropped for seven straight days.
Gold is often seen as an investment-hedge for riskier assets such as equities. Encouraging China factory data and another closing record on Wall Street lifted Asian equities and commodities on Monday. "The technical outlook for gold is not looking very good. There is a good chance it will fall to $1,230 and then all the way $1,200," said one trader in Tokyo. "Physical markets haven't reacted very much to last week's drop but if prices fall to $1,200, then we could see some action."
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