Daily Gold Update

Source:Bloomberg

New York— Gold futures fell to a one-week low as some investors bailed out of the metal following last week�s rally to a record. �We wish to run to the exits — entirely — with our long positions in gold versus the foreign currencies,� said Dennis Gartman, an economist and editor of the Suffolk, Virgina-based Gartman Letter. �With the public now heavily involved, we want out and are heading for the sidelines.� Gold climbed 1.4 percent last week, reaching an all-time high of $1,249.70 an ounce, on demand for a haven against debt woes in Europe and the tumbling euro. The euro traded at a four- year low. Gold futures for June delivery slid $13.50, or 1.1 percent, to $1,214.60 on the Comex in New York. Earlier, the price touched $1,206.60, the lowest level for a most-active contract since May 11.

This year, gold has rallied 12 percent amid Europe�s sovereign-debt crisis, while the euro slumped 14 percent against the dollar. �The troubles in Europe aren�t over, and the euro will go down even further, but gold prices are not cheap, and the market is exceedingly long, so you�re getting some selling here,� said Leonard Kaplan, the president of Prospector Asset Management in Evanston, Illinois. See full story.