Gold fall as rally to six-week high prompts investor sales
Gold today declined, as bullion's rally to a six-week high prompts some investors to sell the metal.Updated: Aug 18, 2010 21:27 IST
Gold on Wednesday declined, as bullion's rally to a six-week high prompts some investors to sell the metal.
The gold lost $ 2.60, or 0.2 per cent, to $ 1,225.70 an ounce on the Comex in New York. The metal in London was 0.1 per cent lower at $ 1,224.
The dollar was little changed against the euro after earlier rising amid speculation the economy might be slowing enough for the Federal Reserve to increase bond purchases.
The precious metal, which usually move inversely to the greenback, reached $ 1,231.10 in futures trading yesterday, the highest price since July 1.
Gold has rallied 12 per cent this year, reaching an all-time high of $ 1,266.50 an ounce in June, as the prospect of currency debasement prompted investors to seek a refuge.
First Published: Aug 18, 2010 21:25 IST