Gold was little changed in New York after the biggest weekly decline since 1990
Gold was little changed in New York after the biggest weekly decline since 1990 failed to spur major purchases, Bloomberg reported.
Gold dropped 7.6 percent last week after nine consecutive weekly gains. Gold has fallen 10 percent from a 26-year high of $732 an ounce reached on May 12.
"The sell-off hasn't finished yet,'' said Alan Mandel, head trader at Alan M Trading Co. in New York. "I wouldn't be surprised to see it go under $600, and then stay there a while before there's a resumption of another dramatic move higher.''
Gold for June delivery rose 20 cents to $657.70 on the Comex division of the New York Mercantile Exchange. Futures dropped to $636.80, shedding as much as $20.70 during the session on speculation prices have to decline further to attract new buyers.
In London, gold for immediate delivery fell $2.70 to $654.90, after earlier dropping as low as $637.55. Before today, the metal had gained 56 percent in the past year.
Gold may fall to $575, said Tom O'Brien, editor of the Gold Report. ``Gold wants to build another floor like the floor we had for two and half years, but then it will go higher,'' O'Brien said.