Gold May Drop on Dollar Gain; Silver Falls From 30-Year High

Gold, trading little changed near a record, may fall as an advance in the dollar reduces demand for the precious metal as an alternative asset. Silver retreated from a 30-year high.

Gold for immediate delivery lost as much as $2.50, or 0.2 percent, to $1,291.85 an ounce before trading at $1,292.85 at 10:14 a.m. in Seoul. Bullion reached an all-time high $1,300.15 an ounce yesterday. Immediate-delivery silver dropped as much as 0.8 percent to $21.2463 an ounce after yesterday rising to $21.6175, the highest level since October 1980.

“Gold is taking a breather at the moment after breaking the $1,300 mark again,” said Hwang Il Doo, a senior trader at Seoul-based Korea Exchange Bank Futures Co. “Some investors may think now is a good time to take profits. However, overall sentiment towards bullion remains bullish.”

Read Full Article from BusinessWeek

- Posted: 2010-09-27 21:45:27

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