“Gold fell for a second day in New York as some investors sold the metal after its rally to the highest in almost 11 months and as a stronger dollar curbed demand for an alternative investment.
The dollar climbed versus the euro as European finance ministers meet in Luxembourg today, while German Chancellor Angela Merkel visits Greece tomorrow for the first time since the crisis erupted. Gold futures reached $1,798.10 an ounce on Oct. 5, the highest since Nov. 9, before a report showed the U.S. unemployment rate fell to the lowest since January 2009.
“We’re seeing a stronger dollar which is translating into weaker gold,” Bernard Sin, head of currency and metal trading at bullion refiner MKS Finance SA in Geneva, said today by phone. “We’ve had a very good run-up. We’re seeing a bit of profit-taking.”
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