USD 73.6376

0

EUR 87.1722

0

BRENT 44.66

0

AI-92 43.34

0

AI-95 47.6

0

AI-98 53.05

+0.01

Diesel 47.9

0

74

Gold Slid From 7-year Record

Gold fell in London on speculation that a record reached yesterday was overdone...

Gold fell in London on speculation that a record reached yesterday was overdone and as a technical chart used by some investors signaled they should sell the metal, Bloomberg reported.

Gold had its best start to a year since 1975, reaching a record on Jan. 8 and 9, as a jump in oil prices spurred investors to seek a hedge against accelerating inflation. That took gold's 14-day relative strength index to 72 yesterday. A reading above 70 signals prices may decline.

Gold for immediate delivery fell $1.77, or 0.2 percent, to $877.04 an ounce as of 9:52 a.m. in London. The metal reached a record $891.70 yesterday, extending a seven-year winning streak. Silver for immediate delivery fell 10 cents, or 0.7 percent, to $15.59 an ounce.