BS: Gold Falls From Record as Dollar Rebound Spurs Investor Selling
Sept. 30 (Bloomberg) -- Gold futures fell from a record as the dollar halted its slide against major currencies, eroding demand for the precious metal as an alternative asset.
The metal reached a record $1,317.50 an ounce in New York, posting an all-time high for the 10th time this month. The dollar was little changed against a basket of six major currencies, after falling as much as 0.4 percent to an eight- month low.
“Gold is taking its cue from the dollar,” said Matt Zeman, a metals trader at LaSalle Futures Group in Chicago. “We’ve seen a reversal in the dollar and a little risk premium is coming out of the gold trade.”
Gold futures for December delivery fell $2.60, or 0.2 percent, to $1,307.70 an ounce at 10:20 a.m. on the Comex in New York. Before today, the metal was up 4.8 percent this month and 5.2 percent for the third quarter.
--Editors: Steve Stroth, Daniel Enoch.
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
