LONDON (Commodity Online): After riding the bullion boom to touch record high on Monday, gold prices came down to the $1100 levels on Tuesday in the London and Asian markets.
Gold prices had touched a historic high of $1110 per ounce on Monday in the global bullion markets.
However, on Tuesday spot gold was trading at $1,101.40 an ounce. Gold futures for December delivery on the COMEX division of the New York Mercantile Exchange was trading around $1,102 an ounce.
Bullion analysts said gold price came down on Tuesday thanks to the strength in US dollar trading.
Other commodities also weakened, with sector bellwether oil and base metals such as copper declining. Gold tends to track crude prices, as the metal can be bought as a hedge against oil-led inflation.
Some physical demand for gold did trickle into the market, however, with holdings of the world's largest exchange-traded fund, the SPDR Gold Trust in New York, rising just over 6 tonnes on Monday.
