Spot gold fell to a four-month low on Friday, as an improved economic outlook in the US and Europe continued to depress safe-haven demand, but physical buying is expected to lend some support. Spot gold fell to a low of $1,308 an ounce, just above the key 150-day moving average at $1,307.91. It was trading at $1,313.21 at 0645 GMT, little changed from the previous close.