Gold News & Info

Source: MarketWatch

New York— Gold futures fell Monday, pulling back as traders sold the metal to take profit from its recent rally that had sent prices above $1,000 an ounce. Gold for February delivery ended down $7.20, or 0.7%, at $994.60 an ounce on the Comex division of the New York Mercantile Exchange. It closed above $1,000 Friday, the first time for a front-month contract since Mar. 18, 2008. The February contract will expire on Wednesday, with open interest, or the total amount of outstanding contracts, standing at 193,300 ounces as of Friday. Trading more actively, the April contract, which also ended above $1,000 Friday, lost 0.7% to $995 an ounce. "Some correction and consolidation may be necessary" after gold surpassed $1,000, said Mark O'Byrne, executive director at Gold and Silver Investments.

In financial news, Citigroup Inc. is reportedly in talks with federal officials for the U.S. government to expand its ownership of the bank to as much as 40%. The news comes just after Citigroup's stock slumped to an 18-year low and Bank of America Corp. shares hit a record low on worries the two financial giants may be nationalized. See full story.