Gold slips below $1,160 an ounce

Gold futures lost ground Thursday as investors turned much of their attention to a rally in U.S. equities.

Gold for August delivery GCQ5, +0.07%  fell $4.30, or 0.4%, to close at $1,159.20 an ounce on Comex after hitting a low under $1,156 overnight. Prices had settled $10.90 higher on Wednesday at $1,163.50, after a more-than-$20 drop on Tuesday.

The world marketplace is “calmer,” which has “prompted more trader/investor risk appetite and that’s a negative for safe-haven gold,” said Jim Wyckoff, senior analyst at Kitco.com.

U.S. stocks climbed, with the Dow Jones Industrial Average DJIA, +0.19%  up 0.5% after a 1.5% drop a day earlier on worries surrounding China’s recent stock market decline. Chinese equities also jumped Thursday.

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