Gold tumbles on profit-taking

08:45, July 15, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange retreated after paring earlier gains on Wednesday, as investors sold off gold to take profits after gold jumped the most in three weeks on Tuesday. Silver eked out a small gain, but platinum dropped.

The most active gold contract for August delivery dipped 6.5 dollars, or 0.5 percent, to finish at 1,207 U.S. dollars per ounce.

The U.S. Commerce Department said earlier Wednesday that sales at U.S. retailers dropped 0.5 percent in June, which represents the second consecutive month of flagging sales, and is worse than analysts' previous estimate of a 0.2-percent decline, indicating that sluggish consumer spending, coupled with high unemployment, is slowing the U.S. economic recovery.

The euro recovered lost ground against the U.S. dollar and once reached a 2-month high on Wednesday, as investors worried the U.S. economic recovery may be losing momentum. Gold turned higher and once reached 1,218.2 dollars per ounce on the weakening dollar, but soon reversed course prior to the close and ended moderately lower, as investors locked in profits after gold climbed 1.2 percent on Tuesday, the most since mid-June.

September silver was up 3.3 cents, or 0.2 percent, to settle at 18.29 dollars per ounce. October platinum dropped 14.8 dollars, or 1.0 percent, to settle at 1,520.6 dollars per ounce.



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