Gold
futures fell from this months high as the dollars rebound crimped
demand for precious metals as alternative investments. Silver dropped
the most in a week.
In
the week ended Nov. 11, the net-long position in Comex gold futures and
options fell 14 percent, government data showed showed on Nov. 14.
Holdings tumbled 49 percent over three weeks, the most since December.
Assets in exchange-traded products backed by the metal extended a slump
to the lowest since May 2009, data compiled by Bloomberg show.
Gold
is heading for the second straight annual loss. Today, the dollar
approached a five-year high against a basket of 10 major currencies. The
Federal Reserve moved closer to its first U.S. interest-rate increase
in eight years, while other economies announced more stimulus. European
Central Bank Mario Draghi cited an œurgent need to agree on concrete
short-term commitments for the euro area.
Gold
futures for December delivery fell 0.2 percent to settle at $1,183.50
an ounce at 1:37 p.m. on the Comex in New York. Earlier, the price
reached $1,193.60, the highest for a most-active contract since Oct. 31.
Source: Bloomberg
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