Gold Price Backs Off on Some Profit Taking from Recent Gains

New York (Oct 7)  Gold prices have lost their moderate early gains as traders decide to book some profits following recent good gains that saw the market hit a two-week high overnight. A rally in U.S. stock indexes Wednesday morning is also pulling buying interest away from the safe-haven precious metal. However, the gold bulls still have some near-term technical momentum on their side and the corrective pullback in prices is not surprising. December Comex gold was last down $1.50 an ounce at $1,144.90.

Spot silver was steady up 6 cents at $15.98, while platinum was still up $3 to $943, However, spot palladium crashed $15 to $693 reflecting profit taking from its recent advance.

Source: KitcoNews