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Gold prices declined as the dollar rebounded, reducing demand for the metal as an alternative investment.
The greenback climbed from a 10-month low against a basket of six major currencies. Gold reached a record $1,388.10 an ounce yesterday. This week, the metal advanced 2 percent, the fifth straight gain.
“People are selling physical metal at these levels,” said Matthew Zeman, a trader at LaSalle Futures Group in Chicago. “With the run-up we’ve had, it’s not surprising to see some profit-taking.
Gold futures for December delivery fell $5.60, or 0.4 percent, to close at $1,372 at 1:59 p.m. on the Comex in New York.
Gold for immediate delivery dropped $13, or 0.9 percent, to $1,368.15 at 2:40 p.m. New York time. Before today, the price climbed 26 percent this year, heading for the 10th straight annual gain.
“Over the medium term, there is still no evidence of an imminent end to the decade-long bull market for precious metals” because of “serious uncertainty about the worldwide macroeconomic trend,” Tiberius Asset Management AG, based in Zug, Switzerland, said in a report
The metal has rallied as central banks and governments maintained low borrowing costs and spent trillions of dollars to stimulate economies.
Silver futures for December delivery slipped 14.7 cents, or 0.6 percent, to $24.288 an ounce on the Comex. The metal jumped 5.1 percent this week and has surged 44 percent this year.
Platinum futures for January delivery fell $17.20, or 1 percent, to $1,695.40 an ounce. The price, down 0.8 percent this week, has climbed 15 percent in 2010.
Palladium futures for December delivery declined $12.35, or 2.1 percent, to $589.20 an ounce. The metal, up 0.3 percent this week, has gained 44 percent in 2010,
To contact the reporters on this story: Yi Tian in New York at Ytian8@bloomberg.net; Nicholas Larkin in London at nlarkin1@bloomberg.net.
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.
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