Gold drops after record overnight surge
Friday, 20 November 2009
SINGAPORE, Nov 19 (Commodity Online): Gold prices fell in Asian trade Thursday, after hitting an all-time record near $1153 a barrel overnight, mainly on profit taking by some investors.
Spot gold was seen trading at $1141.85 an ounce at 11.30 a.m while December-delivery gold was at $1142.23 an ounce after Wednesday reaching a record $1,153.40 an ounce.
The precious yellow metal declined for the first time in five days after bringing last four days gains to 3.8 per cent and after hitting as high as $1152.85 an ounce.
Analysts said inflation fears fuelled by stronger-than-expected US consumer prices also added to the already bullish.
Gold is up 30 per cent this year, heading for a ninth annual gain, the longest winning streak since at least 1948, as investment demand surged for the metal as a haven against a declining dollar and inflationary expectations.
Spot gold was seen trading at $1141.85 an ounce at 11.30 a.m while December-delivery gold was at $1142.23 an ounce after Wednesday reaching a record $1,153.40 an ounce.
The precious yellow metal declined for the first time in five days after bringing last four days gains to 3.8 per cent and after hitting as high as $1152.85 an ounce.
Analysts said inflation fears fuelled by stronger-than-expected US consumer prices also added to the already bullish.
Gold is up 30 per cent this year, heading for a ninth annual gain, the longest winning streak since at least 1948, as investment demand surged for the metal as a haven against a declining dollar and inflationary expectations.