Gold futures slipped to kick off September, dropping in value Thursday morning amid conjecture that the central bank of the U.S. is set to employ strategies to spur growth, Bloomberg reports.
After having gained roughly 12 percent in value during the month of August, when it also touched record high prices of $1,917.90 per troy ounce, the precious metal fell in value during the first hours of the final month of the third quarter of 2011. The publication also attributed the regression to an upward tick for global equities, which reduced demand for storage havens, a role gold often fulfills.
"A rally in equity markets as risk appetite improved weakened safe-haven bids for gold," states a Thursday email from Mark Pervan and additional analysts with Australia & New Zealand Banking Group.
At 5:48 a.m. on Thursday, gold futures were down 0.6 percent, a $10.90 drop to $1,820 per troy ounce.
Dow Jones Newswires also drew a correlation between the downward value of gold and the enhanced appetite for risk, also citing data indicting retail sales in Australia were stronger than forecast.
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