Gold prices fluctuated on investor sales after the metal’s rally to a record this year. Silver was little changed after dropping as much as 1 percent.
Before today, gold futures gained 26 percent this year, reaching an all-time high of $1,432.50 an ounce on Dec. 7, on demand for a haven amid Europe’s debt woes. Interest rates at record lows boosted the appeal of the metal as an alternative to currencies.
“We’re looking at a shallow correction in prices over the next two weeks,” said Adam Klopfenstein, a senior strategist at Lind-Waldock, a broker in Chicago. “Those who have caught a nice run in gold are looking to book profit. There’s still a backdrop of sovereign debt in Europe and inflation in China that will keep gold well bid.”
Gold futures for February fell $1 to $1,385.70 at 11:55 a.m. on the Comex in New York. Earlier, the price rose as much as 0.5 percent.
The metal is headed for a 10th straight annual gain. Investment in 10 leading exchange-traded funds backed by gold has climbed 18 percent this year.
Silver futures for March delivery fell 2 cents to $29.335 an ounce. Before today, the metal jumped 74 percent this year.
Palladium futures for March delivery rose $8.20, or 1.1 percent, to $752.95 an ounce on the New York Mercantile Exchange.
Platinum futures for April delivery climbed $8.80, or 0.5 percent, to $1,724.50 an ounce.
Before today, palladium surged 82 percent this year, and platinum was up 17 percent.
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