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Gold retreats from record highs on profit-taking
Gold prices fell in European trade for the first time in eight days away from record highs on profit-taking while dollar's strength hurt metals.
Gold fell 1.8% to $1,907 an ounce away from a record high at $1,981, after closing up 2.2% yesterday, the seventh profits in a row and longest winning streak since December 2019.
The recent powerful gains game as haven demand rallied on the precious metal as US-China tensions mounted and Covid 19 infections picked up in Europe.
A recent tumble in the dollar bolstered metals as US treasury yields fell with expectations the Fed will increase stimulus again.
However, dollar pulled up 0.5% today on track for the first profit in eight days away from two-year lows at 93.48.
Gold holdings at the SPDR Gold Trust rose 5.84 tonnes yesterday, the sixth increase in a row, to a total of 1,234 tonnes, the highest since May 2013.
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