Gold Falls in Asia on Lower Oil Price, Expiry-Induced Selling

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Gold fell for a second day as lower energy costs reduced demand for the metal as a hedge against inflation and expiry-induced volatility in the gold futures market sparked some selling in the cash market.
Gold and oil often move in tandem as investors tend to buy gold when rising energy prices stoke inflation and sell the metal when fuel costs fall. Crude oil in New York declined for a third day on speculation the Organization of Petroleum Exporting Countries will agree to raise output.
Gold is down today because ``energy prices are lower'' and ``selling induced by the volatilities when some traders roll over contracts in the futures market.
Bullion fell by $5.23, or 0.6 percent, to $807.36 an ounce at 10:52 a.m. Singapore time after trading between $807.10 and $815.40. Silver fell by 0.9 percent to $14.34 an ounce.