Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures settled lower Tuesday, slipping away from record territory as some investors took money off the table after the metal pushed past $1,430 an ounce. Gold for February delivery, the most-active futures contract, lost $7.10, or 0.5%, to $1,409 an ounce on the Comex division of the New York Mercantile Exchange. It earlier traded as high as $1,432.50 an ounce, looking set to notch a fresh record and extend a six-session winning streak. �At this high, the market was vulnerable to profit-taking,� said Jim Steel, an analyst with HSBC in New York. It also ceased to get support from a weaker dollar, and volumes were thin to begin with, he added.

The contract gained $9.90 Monday to a record settlement price of $1,416.10 an ounce on Comex. Gold futures have gained 29% so far this year, having hit a string of records throughout the year mostly on fears of currency debasement. Adjusted for inflation, however, today�s gold prices are still well below their January 1980 record, when the metal closed at $650 an ounce. Gold would have to settle higher than $2,322 to beat the inflation-adjusted record. See full story.