Gold falls for first session in four as equity market rallies

CHICAGO, March 16 (Chinese media) -- Gold futures on the COMEX Division of the New York Mercantile Exchange dropped for the first day in four on Monday as the stock market continued to rise, further weakening the precious metal's appeal of safe-haven. Silver and platinum ended lower too.

Gold price for April delivery was down 8.10 U.S. dollars, or 0.9 percent, to settle at 922 dollars an ounce. May silver closed at12.89 dollars per ounce, losing 32.5 cents. April platinum fell 14.20 dollars to 1,049.40 dollars per ounce.

After rising for 4 trading days last week, the U.S. Stock market in New York was still on the way to climb during the early session on Monday, buoyed by Fed Chairman Bernanke's comments that the economy recession would probably end this year if the government's program to boost the banking industry succeeds.

By the time when gold closed in trading floor, the Dow industrials gained about 145 points, which made gold less attractive for investors to hedge risk. What's more, sparked by the strong performance of stock market, some investors went back into equities from gold for more profits, said analysts. A weak dollar and strong crude oil gave some bullish supports to limit the losses of gold.