NEW YORK: Gold prices today fell as some investors sold the precious metal after prices rallied for three days on demand for a store of value amid Europe's debt crisis. Gold in futures trading lost 5.60 dollar, or 0.5 per cent to 1,209.70 dollar an ounce on the Comex in New York, while in London for spot trading fell 0.3 per cent to 1,208.30 dollar. Gold earlier traded about 2.3 per cent from a record. European equities climbed after China's foreign exchange regulator said it isn't reviewing its euro holdings. Assets in the world's largest gold-backed exchange-traded fund increased to a record. Prices fell "as profit-taking emerged," said James Moore, an analyst at TheBullionDesk.com in London. "The steady influx of investment demand and continued concerns over European debt" and rising inflation mean gold prices may continue to climb, he said. Bullion has gained 10 per cent this year and heading for a 10th annual increase, the longest stretch of gains since at least 1920. Gold futures climbed to a record 1,249.70 dollar on May 14 as investors sought to protect their wealth amid Europe's sovereign-debt crisis. China's State Administration of Foreign Exchange said reports that it was reviewing its euro holdings are "groundless," and that Europe has been and will remain a major market for investing the Asian nation's exchange reserves.

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