Gold Inches Down as Profit-Taking Seen
Gold drops for a second day, despite the churning Israel-Iran conflict.
While this kind of uncertainty is usually supportive for gold prices, gold has been pushing to new highs all year. "I see the dollar's rebound causing the profit taking today but the fundamentals of Central Bank buying remains unchanged," says Peter Cardillo of Spartan Capital Securities.
Cardillo adds that gold remains the preferred choice for investors parking their money in safe havens, meaning prices are expected to keep rising longer-term to as high as $5,000 per troy ounce, according to Cardillo.
Front-month gold settles down 0.3% to $3,386.60 per troy ounce.
Source: Dow Joneswires