17
December
Gold May Decline in New York Trading as Some Investors Sell After Rally (GoldCore in Bloomberg)
17 December 2010 Bloomberg.com
Gold may decline for a second day in New York as some investors sell the metal to take advantage of its rally this year.
Gold futures reached a record $1,432.50 an ounce on Dec. 7 on demand for a protection of wealth, outperforming global equities and U.S. Treasuries this year. The dollar fell against the euro before a meeting of European Union leaders to discuss how to contain the debt contagion in the region. Moody’s Investors Service yesterday said it may cut Spain’s credit rating.
“End-of-year book-squaring and profit-taking is to be expected and could see a slight sell-off prior to the Christmas holidays,” brokerage GoldCore Ltd. in Dublin said today in a report. “Any sell-off will likely be short-lived. Gold will likely continue to receive safe-haven demand.
