BLBG: Gold Little Changed on Sales by Investors After Prices Rallied to Record
Gold futures were little changed as some investors sold bullion after prices rallied above $1,300 an ounce, near last week’s record high.
Gold has jumped 3.8 percent this month, before today, touching an all-time high of $1,301.60 on Sept. 24, as the dollar plunged 4.6 percent against a basket of six major currencies. The greenback fluctuated today, dropping as much as 0.3 percent and gaining 0.2 percent.
“There’s not a lot of reasons to buy gold at the moment,” said Frank Lesh, a trader at FuturePath Trading LLC in Chicago. “The dollar is flat, so gold is missing the dollar influence.”
Gold futures for December delivery fell 40 cents to $1,297.70 an ounce at 11:36 a.m. the Comex in New York. Prices have risen in seven of the past eight weeks and are up 18 percent this year, heading for a 10th straight annual gain.
Silver futures for December delivery rose 2.6 cents, or 0.1 percent, to $21.425 an ounce on the Comex, after rising to $21.645, the highest price for a most-active contract since October 1980.
Platinum futures for January delivery fell $9.60, or 0.6 percent, to $1,635.80 an ounce on the New York Mercantile Exchange.
Palladium futures for December delivery dropped $4.05, or 0.7 percent, to $556.45 an ounce.
To contact the reporter on this story: Pham-Duy Nguyen in Seattle at pnguyen@bloomberg.net.
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net
