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 Gold May Extend Drop From Record on Dollar; Silver Falls From 30-Year Peak

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Join date : 2009-08-06
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PostSubject: Gold May Extend Drop From Record on Dollar; Silver Falls From 30-Year Peak    Tue Sep 28, 2010 4:02 am

(Bloomberg)--Gold, trading little changed near a record, may fall as an advance in the dollar reduces demand for the precious metal as an alternative asset. Silver retreated from a 30-year high. Gold for immediate delivery lost as much as $2.50, or 0.2 percent, to $1,291.85 an ounce before trading at $1,292.85 at 10:14 a.m. in Seoul. Bullion reached an all-time high $1,300.15 an ounce yesterday. Immediate-delivery silver dropped as much as 0.8 percent to $21.2463 an ounce after yesterday rising to $21.6175, the highest level since October 1980.

“Gold is taking a breather at the moment after breaking the $1,300 mark again,” said Hwang Il Doo, a senior trader at Seoul-based Korea Exchange Bank Futures Co. “Some investors may think now is a good time to take profits. However, overall sentiment towards bullion remains bullish.” The Dollar Index, a six-currency gauge of the greenback’s value, advanced as much as 0.2 percent after touching the lowest level yesterday since Feb. 3. Gold for December delivery dropped $5.50, or 0.4 percent, to $1,293.10 an ounce on the Comex in New York. Futures reached a record $1,301.60 on Sept. 24.

Bullion has risen 18 percent this year, heading for a 10th consecutive annual advance, the longest winning streak since at least 1920, and spurring central banks globally to add the metal to reserves. Combined central-bank holdings rose in every quarter since the second quarter of last year, according to data from the World Gold Council. Holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, were unchanged at 1,300.52 metric tons as of Sept. 27, according to figures on the company’s website. Holdings decreased 0.91 ton on Sept. 24. Holdings in the iShares Silver Trust, the largest ETF for silver, climbed 30.4 tons to a record as of Sept. 24, according to figures from the funds’ websites. Platinum for immediate delivery fell 0.5 percent to $1,624.25 an ounce and palladium dropped 0.9 percent to $547 an ounce.

To contact the reporters on this story: Sungwoo Park in Seoul at
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