Gold futures on the COMEX Division of the New York Mercantile Exchange on Thursday declined for the second straight day amid low turnover, as investors cashed in their gold holdings at the yearend after this year's strong rally.
The most active gold contract for February delivery dropped 6.9 dollars, or 0.5 percent, to close at 1,380.5 dollars per ounce.
A floor trader noted that investors have had a good year in gold and commodities, and they want to take some of that money home. Besides, the sentiment is usually bleak a day before Christmas holiday.
Floor trading will be shuttered on Friday for observance of Christmas.
The gold price has hiked 26 percent so far this year, heading for a 10th straight annual gain, and far outperformed returns on U. S. stocks and bonds. Before Thursday, the Standard &Poor's 500 Index gained 13 percent this year, and the benchmark 10-year U.S. Treasury returned 7.4 percent.
Meanwhile, silver futures for March delivery slipped 5.7 cents, or 0.2 percent, to 29.328 dollars. January platinum also shed 7.8 dollars per ounce to 1,723.1.
The most active gold contract for February delivery dropped 6.9 dollars, or 0.5 percent, to close at 1,380.5 dollars per ounce.
A floor trader noted that investors have had a good year in gold and commodities, and they want to take some of that money home. Besides, the sentiment is usually bleak a day before Christmas holiday.
Floor trading will be shuttered on Friday for observance of Christmas.
The gold price has hiked 26 percent so far this year, heading for a 10th straight annual gain, and far outperformed returns on U. S. stocks and bonds. Before Thursday, the Standard &Poor's 500 Index gained 13 percent this year, and the benchmark 10-year U.S. Treasury returned 7.4 percent.
Meanwhile, silver futures for March delivery slipped 5.7 cents, or 0.2 percent, to 29.328 dollars. January platinum also shed 7.8 dollars per ounce to 1,723.1.
