Gold futures fell Wednesday for the first session in three, retreating after hitting a new record high on worries that recent rallies in the metal might have been overdone. Gold for October delivery slid $6.60, or 0.6%, to $1,057.60 an ounce in early North American electronic trading, after rising to $1,070.20 earlier in the session, the highest record for a front-month contract. Gold has gained nearly 5% this month, rising in seven out of the past nine sessions. "Given the scale and pace of recent gains and with gold flirting with overbought territory on the charts, the metal is in much need of consolidation and correction to avoid a more substantial price drop," said James Moore, an analyst at TheBullionDesk.com.
