Beijing stores cut gold prices on slump

The biggest weekly slump in the global gold price led Beijing's gold stores to cut their prices for the first time this year. The price in Beijing declined by 10 yuan ($1.5) per gram on Sunday. This was the first cut, following six earlier price increases this year.

Gold had the biggest weekly loss in more than three years as investors debated prospects for higher US rates.

In China, prices declined as trading restarted after a week's holiday. Bullion of 99.99 percent purity slumped 4 percent to 273.6 yuan per gram on the Shanghai Gold Exchange at 15:30 on Monday.