Gold fell below $600 an ounce to its lowest in 10 weeks, matching a decline in crude oil prices in early trading Monday.........

Gold for immediate delivery fell as much as $11.60, or 1.9 percent, to $599.20 an ounce, its lowest since June 30. It traded at $599.88 at 12:39 p.m. Sydney time.

Some investors buy gold as a hedge against rising inflation, and as a haven asset that retains its value better than other securities, such as stocks, during times of geopolitical tension.

Oil prices have fallen 16 percent since touching a record $78.40 a barrel on July 14, while gold prices have declined 9.7 percent over the same period.

Gold for delivery in December fell as much as $11.50, or 1.9 percent, to $605.80 an ounce in after-hours electronic trading on the Comex division of the New York Mercantile Exchange. It traded at $606.80 at 12:44 p.m. Sydney time.

`The Way Down'

``People were playing gold up in the past two months on the basis of oil, and now it's on the way down,'' said Daiwa's Pervan. ``You could also see some momentum selling from here.''

Some investors are also selling spot gold after it fell below a so-called support level of $604 indicated in charts used by traders, triggering orders to sell to curb losses. A support level is identified by clusters of ``buy'' orders and, when it's breached, traders often switch tack, selling the security to limit losses.

Gold had been expected to rise this week on demand from jewelers, who need to stock up ahead of a projected rise in sales during India's wedding season and holiday festivals, which begin next month.

Eighteen of 34 traders, investors and analysts from Sydney to Chicago surveyed by Bloomberg News on Sept. 7 and Sept. 8 advised buying gold. Eight respondents said sell, and eight were neutral on the precious metal.