Gold investors take some profits after hitting a record; silver touches new high
By APThursday, May 13, 2010
Gold prices pull back a day after setting record
NEW YORK — Gold is falling as investors take some profits after the metal hit a new record the day before.
Gold paused Thursday following a nearly unbroken climb this month. It is up nearly 5 percent in May.
Traders have been piling into gold in recent weeks because of long-term worries about the euro and other currencies.
Gold fell $13.90 to settle at $1,229.20 an ounce. It hit a record of $1,249.20 on Wednesday.
Analysts continue to expect that prices will rise further over the long term, even after Thursday’s slight pullback.
Silver touched a fresh high for the second straight day. July silver rose as high as $19.845 an ounce before settling at $19.499, down 16.4 cents.
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