Gold News & Info

Source: Marketwatch

New York— Gold futures traded slightly lower Wednesday, one day after they hit an 18-month high above $1,000 an ounce, as some investors sold the metal to take profit from its recent rally. The thinly traded September contract fell $2.70, or 0.3%, to $995.20 an ounce on the Comex division of the New York Mercantile Exchange. On Tuesday, the metal briefly tapped an 18-month high at $1,006.90 before ending at $997.90 an ounce. The most active December contract was down $2.60, or 0.3%, at $997. Trading remained in a narrow range Wednesday, with the metal swinging between gains and losses.

"Mildly corrective action continued in the precious metals complex," said Jon Nadler, senior analyst at Kitco Metals Inc. "Gold traded in a fairly narrow range and saw players holding back from significant commitments." The London gold fixing, a global benchmark, stood at $999.50 an ounce on Wednesday afternoon, down slightly from the previous session. Holdings in SPDR Gold Trust, the biggest gold exchange-traded fund, stood unchanged at 1,077.63 metric tons. See full story.