New York, September 15: Gold prices fell today as some investors sold the metal after yesterday?s climb to a record.
Gold lost USD 3.10, or 0.2 per cent, to USD 1,268.60 an ounce on the Comex in New York, while in London it was 0.1 per cent lower at USD 1,267.43.
The metal is set for a 10th annual gain. Prices rallied to a record, as investors sought protection against financial turmoil in Europe and the prospect of slowing economic growth.
Gold, traditionally a hedge against rising consumer prices, advanced 16 per cent since the start of January even as the US inflation slowed.
Gold reached a record USD 1,276.50 an ounce yesterday as holdings in the biggest gold-backed exchange-traded fund gained the most in almost a month.
–Agencies