Gold News & Info

Source: Marketwatch

San Francisco— Gold futures fell Tuesday, snapping a rally that took prices to a record just pennies shy of $1,900 an ounce as profit-taking ensued and as global equity markets posted gains. Gold for December delivery fell $30.60, or 1.6%, to end at $1,861.30 an ounce on the Comex division of the New York Mercantile Exchange. The contract settled at a record $1,891.90 an ounce on Monday, its fifth nominal settlement record in six trading sessions. The metal hit an intraday record of $1,899.40 an ounce also on Monday.

�Equities are showing a recovery bounce,� said Adam Klopfenstein, a senior market strategist at MF Global in Chicago. �We�re not out of the woods yet (but) in a healthy market you are going to have corrections along the way.� Gold is likely to find support around $1,850 an ounce, he said. Selloffs are buying opportunities as gold is likely to hit $2,000 an ounce in a matter of weeks, he added. See full story.