RTTN: Gold Declines After Jump to Four-Month High Spurs Sales
Gold declined for the first time in four days in New York as some investors sold the metal after prices rallied to a four-month high, Bloomberg reported.
It said gold rallied last week as investors weighed whether the Federal Reserve will embark on a third round of quantitative easing. Fed Chairman Ben S. Bernanke will speak in Jackson Hole, Wyoming, on Aug. 31.
Meanwhile, Spain's recession worsened in the second quarter, the Madrid-based National Statistics Institute said today. Holdings in gold-backed exchange-traded products climbed to a record yesterday.
Gold for December delivery was down 0.7% to US$1,664.40 an ounce by 7.48 a.m. on the Comex in New York. Prices reached $1,679.30 yesterday, the highest since April 12. Immediate-delivery bullion was 0.1% lower at $1,661.85 in London.
