Gold cheaper after equity markets, but support the precious metal have tensions in the Middle East and the fear of financial crisis in the U.S..

World gold demand fell by 11 percent in the third quarter compared to last year due to reduced demand in China, said the World Gold Council (WGC).

"With the continued uncertainty in the global economy and the elections in China and the U.S. five-year upward trend in demand for gold confirms its fundamental property as a way to preserve capital," - said the WGC managing director for investment analysis Marcus Grubb.

The Chinese Communist Party has introduced a new guide that will manage the second largest economy in the world next five years.

Gold has found support in increasing tensions in the Middle East: Israel launched a new offensive against Palestinian militants in the Gaza Strip, during which killed one of the commanders of Hamas. Rocket fired by Hamas, on Thursday killed three Israelis in the north of Gaza.

December futures price of gold on COMEX today fell to 1704.50 dollars per ounce.