COMEX Gold futures witnessed some corrective action now as traders are worried about the real demand after prices soared to seven year high above $ 1560 per ounce. The metal fell under $ 1500 per ounce today and tested a near one month low of $ 1494 per ounce. The counter quotes at $ 1503 per ounce, down 0.55% on the day. Some buying is visible at lower levels now as equities are displaying a muted tone. Chinese factory-gate prices contracted at their fastest pace in three years. Chinas producer price index fell 0.8% in August year-on-year; official data showed today, reflecting weak demand at the user end in both domestic and overseas markets. MCX Gold futures closed at Rs 38490 per 10 grams yesterday, down 00.16% on the day. The counter tested a low under Rs 38300 level in intraday moves.