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Gold Settles Lower Amid Profit Taking
Jul 28,2011 10:39CST
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Source:SMM
Gold futures on the COMEX Division of the New York Mercantile Exchange settled lower on Wednesday.

CHICAGO, Jul. 28 -- Gold futures on the COMEX Division of the New York Mercantile Exchange settled lower on Wednesday, as investors opted to cash in their profit after the metal registered a string of records in recent trading sessions.

The most active gold contract for August delivery declined 1.7 U.S. dollars, or 0.1 percent, to 1,615.1 dollars per ounce.

Gold Wednesday suffered the first decline after touching the record of 1628.8 dollars, before that, the metal has hiked for three consecutive trading days. Market analysts attributed the weak sentiment to widespread profit taking among investors on the market.

Besides, gold was pressured by a much higher dollar on Wednesday, which prompted investors to book their profit. The dollar index, which measures the U.S. dollar against a basket of six currencies, rose 0.78 percent to 74.1.

However, the prolonged stalemate over increasing the U.S. debt ceiling helped limit the losses. As U.S. lawmakers' impasse continued, gold is going to remain well supported until there's some type of resolution on this debt issue, said a trader.

Silver for September delivery declined 13 U.S. cents, or 0.3 percent, to 40.568 dollars per ounce. Platinum for October delivery gained 80 cents, or 0.04 percent, to 1808 dollars per ounce.

 

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