Gold prices fell in Asia as some investors bet this week's 1.7
Gold prices fell in Asia as some investors bet this week's 1.7 percent gain in prices before today was overdone.
The 14-day relative strength index for gold futures yesterday reached above 68, a signal that prices may be poised to decline. Gold reached an almost seven-month high yesterday on speculation a rebound in commodities will increase the appeal of the metal as a hedge against inflation.
Gold for immediate delivery fell as much as $1.60, or 0.25 percent, to $655.60 an ounce, and traded at $656.02 at 12:06 p.m. Singapore time. It gained 0.6 percent yesterday.
Gold futures for April delivery fell as much as $2.30, or 0.4 percent, to $660.70 an ounce on the Comex division of the New York Mercantile Exchange, and traded at $661.50 at 12:08 p.m. Singapore time.