Business | Markets

Markets see gold slide amid silver gains

Fall comes as investors sell precious metal on speculation that price rally was overdone

  • Bloomberg
  • Published: 23:19 January 21, 2009
  • Gulf News

London: Gold fell as some investors sold the precious metal on speculation a rally to the highest price in more than a week was overdone. Silver advanced.

Gold touched $866.60 (Dh3,181.92) an ounce on Tuesday, extending a rally in New York that began January 16 to a 5.9 per cent gain, the most in two sessions since mid-December. Investment in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, reached a record 802.9 metric tons on Tuesday. Gold rose 5.5 per cent in 2008 for the eighth-straight annual gain.

"Gold's covered a lot of ground recently," said Matt Zeman, metals trader at LaSalle Futures Group in Chicago. "We saw prices rise dramatically so the rally was a bit overdone and a little profit taking is expected."

Gold futures for February delivery fell 0.1 per cent, to $854.20 an ounce on the Comex division of the New York Mercantile Exchange.

  • Rate this article
  • Average reader rating (0 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

More from Markets

  1. New corporate rules to be effective from May

  2. Pakistani stocks fall on security fears

  3. Borse Dubai concludes conference

  4. Gold reverses gains as greenback recovers

All articles in Markets

More from Business

Gulf News
Popular in Business
Way to go this DSF
XPRESS

Way to go this DSF

A fun-filled route to guide you to all the happening dos in town

Business Editor's choice