12
April
Gold Drops as Record Price, IMF Growth Reduction Prompts Investors' Sales
12 April 2011 Bloomberg.com
Gold retreated as a rally to a record prompted some investors to sell and a tumble in energy prices, sparked by reduced economic growth forecasts from the International Monetary Fund, reduced inflationary pressures.
Immediate-delivery bullion fell 0.4 percent to $1,456.78 an ounce at 3:16 p.m. in Singapore after touching an all-time high of $1,478.18 yesterday. Gold for June delivery in New York lost 0.7 percent to $1,457.70, retreating from a record $1,478.
