Gold futures slid from its 25 year highest level in volatile trade on Wednesday
Gold futures slid from its 25 year highest level in volatile trade on Wednesday, as the dollar strengthened hovered near four-week highs and profit taking hit Japanese futures, but the market sentiment remained positive, dealers said.
Spot gold fell to as low as $565.50 an ounce before rising to $566.10/567.00 against $568.30/ 569.20 late in New York Mercantile Exchange's Comex division.
Gold rose to its highest since January 1981 at $572.20 on Tuesday on fund buying sparked by concerns of high energy costs and tension over Iran?s nuclear ambitions.
?Continued investment interest and safe-haven positioning, as concerns grow over Iran?s nuclear policy and the victory of Hamas in Palestine, will provide gold with good scaled down support, with the metal still looking set to target $575 in the short-to medium term,? said James Moore of TheBullionDesk.com.