Gold falls as rally to six-month high spurs investor sales | business | Hindustan Times
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Gold falls as rally to six-month high spurs investor sales

Gold today declined for a second day as a rally to a six-month high spurred some investors to sell the metal. The metal fell 0.3% to USD 1,756.90 an ounce and silver by 0.2% to USD 34.12 an ounce.

business Updated: Sep 18, 2012 18:57 IST

Gold on Friday declined for a second day as a rally to a six-month high spurred some investors to sell the metal.

The precious metal fell 0.3% to USD 1,756.90 an ounce and silver by 0.2% to USD 34.12 an ounce.

Gold reached USD 1,778 on September 14, the highest since February 29, after the Federal Reserve announced a third round of quantitative easing to boost growth.

European Central Bank President Mario Draghi this month gave details of a plan to buy debts of member states and China approved infrastructure spending plans.

Holdings in gold-backed exchange-traded products rose 2.7 tonnes to a record 2,506.3 tonnes.