Gold Ends Lower As Risk Tolerance Improves

Gold logged its second straight day of losses as some investors cashed in recent gains while others grew more confident and ventured away from the safe haven to riskier assets like equities.

The most actively traded contract, for December delivery, eased $8.90, or 0.5%, to settle at $1,742.60 a troy ounce on the Comex division of the New York Mercantile Exchange.

Gold for August delivery, the thinly traded front-month contract, ended $8.90, or 0.5%, lower at $1,739.90 a troy ounce.

A stronger stock market forced gold prices to retreat as some investors chose to sell their holdings and take profits on the metal's record-breaking rally. Gold touched a record $1,817.60 a troy ounce Thursday, and prices are up 5.5% this week despite Friday's declines, and well ahead of last week's 1.3% gain.

Read Full Article from Wall Street Journal

- Posted: 2011-08-12 22:01:47

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