Gold Declines as Advance to Record Prompts Investors to Sell

Gold, headed for an eighth straight quarterly advance, declined as investors locked in profits after the price climbed to a record on demand for an alternative asset. Silver retreated from a 30-year high.

Gold for immediate delivery dropped as much as 0.3 percent to $1,306.45 before trading at $1,307 an ounce at 10:55 a.m. in Seoul. Bullion yesterday reached an all-time high of $1,313.45 as the dollar dropped to an eight-month low on bets the Federal Reserve will ease monetary policy further to bolster the slowing U.S. economy.

“Gold has repeated a pattern of testing $1,300 and then taking a pause right away as some investors want to cash in on gains,” said Seo Jun Mo, a broker at KB Futures Co. in Seoul. “But as long as there are lingering uncertainties about the global economic recovery and debasement of currencies, gold will continue to head upwards down the road.”

Read Full Article from BusinessWeek

- Posted: 2010-09-29 22:54:23

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