Gold News & Info

Source: Marketwatch

New York— Gold futures fell Wednesday, easing back from the previous day's record-high close as concerns about European banks and economic growth faded and investors pulled out of safe-haven positions. Gold futures for December delivery closed down $1.80, or 0.1%, to $1,257.50 an ounce. Earlier, they fell as low as $1,254.60. On Tuesday, gold gained $8.20 to end at $1,259.30 an ounce, surpassing its record set in late June, as stocks, oil and the euro sold off on concerns that European banks were more exposed to sovereign debt than previously believed. Read about gold's record high.

"To some extent, the recent rally has been a reflection of more speculative participation from futures and options participants," said Jeffrey Nichol, senior economic advisor for Roslind Capital, a retail dealer in precious-metals investment products. "We're seeing some profit taking." The safe-haven allure of gold waned somewhat Wednesday after Portugal sold bonds to strong demand, signaling some support for debt-strapped European governments. See full story.