GOLD retreated from the record high it hit early yesterday as the dollar recovered, with weaker than expected weekly jobless claims denting risk appetite and prompting profit-taking in higher-yielding currencies. Spot gold hit a record 1122,85/oz in Asian trade, helping lift other precious metals, with palladium, platinum and rhodium all reaching their highest in more than a year.
By midafternoon, spot gold was bid at 1112,95/oz from 1117,45 late in New York on Wednesday.
US gold futures for December delivery on the Comex division of the New York mercantile exchange eased 1,20 to 1113,40.
“The gold price is really struggling with the 1110 mark,” Tobias Merath of Credit Suisse said. “It will probably take a couple of days for us to break higher from here. A weekly close above the 1100 would be important,” he said. Reuters
