Gold loses some luster
SINGAPORE - Gold, little changed, may decline as the metal's rally to a record this week, bolstered by the prospect of rising inflation and unrest in the Middle East, prompted some investors to sell holdings.
Immediate-delivery bullion fell as much as 0.3 percent to $1,427.45 an ounce before trading at $1,430.70 an ounce at 3:22 pm in Singapore on Thursday. The metal climbed to an all-time high of $1,444.95 on Monday. The April-delivery contract in New York was little changed at $1,431 an ounce.
"There are short-term traders and investors who want to reap profits after the rally," said Chae Un Soo, a Seoul-based trader with KEB Futures Co. "But losses will be limited as there's an enormous interest in gold and precious metals."
Gold rallied 30 percent last year.
Bloomberg News
(China Daily 03/11/2011 page16)
