19
April
Gold Drops, Halting Rally to $1,500, as Record Prices Spur Investor Sales
19 April 2011 Bloomberg.com
Gold declined, halting its advance to $1,500 an ounce, on speculation some investors are selling their holdings after bullion rose to a record for a third day on Standard & Poor’s downgrade of the U.S. credit outlook.
Immediate-delivery bullion weakened 0.3 percent to $1,490.30 an ounce at 1:33 p.m. in Singapore, after touching an all-time high of $1,497.90 an ounce yesterday. Gold for June delivery in New York fell 0.1 percent to $1,491.10 an ounce after reaching a record $1,498.60 yesterday.
