Gold Falls after Touching Historical RGold futures on the COMEX Division of the New York Mercantile Exchange concluded the rising spree on Tuesday, falling 0.5 percent from the prior trading day, as profit- taking dominated the market after the price hit historical record on Monday.
The most active gold contract for February delivery declined 7. 1 U.S. dollars per ounce, or 0.5 percent, to close at 1,409 dollars.
A trader noted that there are a lot of willing sellers on the market, as the prices have hiked a lot in the recent trading sessions and "We are coming to the end of the year, it's a good time to take profit."
Gold futures had surged for six consecutive trading days before Tuesday and settled at a historical closing high of 1,416.1 dollars on Monday.
However, most analysts are still bullish over the gold market in the futures. A gold analyst noted that the longer-term view is that governments will continue to provide liquidity to the markets and debase their currencies, which sets up gold for much higher prices.
The gold price has hiked 29 percent so far this year, heading for the 10th straight annual gain, as the U.S. government pumped huge amount of cheap dollars into market and keep the interest rate at a low level to boost economy.
In contrast, silver continued to refresh its 30-year record. March silver jumped 4.2 cents, or 0.14 percent, to 29.777 dollars per ounce. Meanwhile, platinum for January delivery fell 8.4 dollars, or 0.49 percent, to 1,705.2 dollars per ounce. ecord
