Gold prices in New York fell from the highest in 24 years
Gold prices in New York fell from the highest in 24 years on sales by some investors after prices rallied 16 percent in the past five weeks, Bloomberg reported.
Hedge funds and other large speculators have more than tripled their net-long positions, or bets prices will gain, in New York gold futures since the end of July.
Before today, gold had climbed every day this month, as investors sought alternatives to U.S. stocks, bonds and currencies. Gold reached $544.50 an ounce yesterday, the highest since April 1981.