Gold prices fell for the first day in five as hedge funds and other large speculators
Gold prices fell for the first day in five as hedge funds and other large speculators sold bullion to lock in a 17 percent gain for 2005.
The precious metal is heading for its fifth annual increase, and reached a 24-year high of $541 an ounce on Dec. 12 as investors diversified from stocks, bonds and currencies amid concern over inflation. It has outperformed a 3.5 percent gain in the Standard & Poor's 500 Index this year.
Gold for immediate delivery fell as much as $4.79, or 0.9 percent, to $512.11 an ounce, and traded at $514.84 an ounce at 3:20 p.m. Singapore time.