Jan Harvey
Reuters
Aug 23, 2011
Gold prices retreated more than 1 percent from record highs on Tuesday as a recovery in appetite for assets seen as higher risk, such as stocks, took the steam out of a rally that many saw as overdone above $1,900 an ounce.
A hike in margin requirements for gold forwards on the Shanghai Gold Exchange also helped curb the precious metal’s scorching rise. [ID:nL4E7JN040]
Spot gold was down 0.8 percent at $1,880.89 an ounce at 0859 GMT, having hit a record $1,911.46 an ounce in Asia. The metal is still up by nearly a third this year, and is on track for its biggest one-month rise since September 1999.
It rallied sharply as stock markets were battered last week by concerns over the strength of the U.S. economy and stability of the European banking sector, breaking above $1,900 an ounce on talk that further U.S. monetary easing may be announced.
2 Responses to “Gold retreats from record high above $1,900/oz”
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AJ and his pal Ted know gold is going to come down in price otherwise why would he be selling it as fast as he can. If the dollar is dying why is he selling all his gold for dollars plus to make you think you are getting a good deal he is even throwing in free films and books
What are they up to?
proof?