Gold News & Info

Source: Marketwatch

San Francisco— Gold futures slipped out of a settlement record Tuesday, inching lower as some rays of hope concerning the U.S. economy and the European sovereign-debt crisis lessened the metal�s safe-haven demand. Remarks showing some acceptance for a short-term default for Greece eased concerns about the debt situation in Europe. Housing starts in the U.S. came in better than expected. Gold for August delivery declined $1.30, or 0.1%, to settle at $1,601.10 an ounce on the Comex division of the New York Mercantile Exchange. It had traded as high as $1,610.70 earlier, according to FactSet Research data. The metal recently lost nearly $15 in after-hours electronic trading as President Barack Obama lauded a $3.7 trillion deficit-reduction plan.

In regular trading in New York Monday, the precious metal settled at $1,602.40 an ounce, after touching an intraday record of $1,607.90 an ounce. �We are taking a pause� after a string of records and gains in recent days, said Frank Lesh, a broker and futures analyst with FuturePath Trading in Chicago. �The market was bid up … and you can only go so far before you want some evidence that you need to be long in this market.� Gold has had a row of nominal records, and on Monday marked its 10th straight trading session of gains. See full story.