SF: Gold Prices Decline for Second Straight Day as Euro Rises
June 10 (Bloomberg) -- Gold futures fell for the second straight day as the euro's rebound reduced demand for the precious metal as a haven.
The euro rose as much as 1 percent against the dollar after European Central Bank President Jean-Claude Trichet said growth in the region is likely to remain moderate. Gold reached an all- time high of $1,254.50 an ounce on June 8 amid Europe's debt crisis.
"Some of the safe-haven plays are being pushed aside for now," said Stephen Platt, a commodity analyst at Archer Financial Services Inc. in Chicago. "Some of the fears of outright collapse in Europe have stabilized. Gold has had such a nice run, you're seeing people pull back."
Gold futures for delivery in August fell $7.90, or 0.6 percent, to $1,222 at 9:31 a.m. on the Comex. The metal fell 1.3 percent yesterday.
