Gold and WTI Crude close off highs on better economic sentiment

GOLD started the week at 1182 and fell to 1174 after gaining four days as the improved economic outlook in Europe trimmed investment demand for the yellow metal. Growth in Europe’s producers manufacturing industry accelerated to 56.7, at a three-month high and more than previously estimated in July.

Last Tuesday, gold prices rose when China, the world’s second-biggest buyer, said it planned to relax rules on trading in the yellow metal, boosting prospects for demand. China said it would let more banks to import or export gold and also allow foreign companies more access to trading.