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Gold pulls back a tad from record high

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Gold for immediate delivery advanced for an 11th day yesterday, rising to an all-time high of US$1,607.45, the best run since the 11 days to July 8, 1980.

Gold futures softened slightly in electronictrading in Asia on Tuesday after hitting a new record in regular session in NewYork.

Spot gold lost 0.2% to US$1,602.45 an ounce at 10:02 a.m. in Singapore. Gold for immediatedelivery advanced for an 11th day yesterday, rising to an all-time high ofUS$1,607.45, the best run since the 11 days to July 8, 1980.

Gold for August delivery edged down 10 cents at US$1,602.30 an ounce. Inregular trading in New York,the precious metal settled at US$1,602.40 an ounce, after touching a intradayrecord high of US$1,607.90 an ounce.

Monday was the 10th straight session of gains for the yellow metal.

Gold prices have continued to rally amid a flight to safety as global investorsfret over a possible deepening of the euro zone sovereign debt crisis besidesworries about USdebt.

Silver for September delivery was nearly unchanged at US$40.35 an ounce.

Spot silver dropped 0.6% to US$40.3088 an ounce, after reaching the highestlevel since May 4 yesterday.
Source :- IndiaInfoline
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Posted by Prashant Gandhi on 19 July, 2011 12:00:49 PM IST #