Gold Retreats From Record on Speculation Investors Taking Profit
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Gold declined in Asia as a rally to record prices, driven by escalating turmoil in Libya and rising inflation, prompted some investors to lock in gains.
Immediate-delivery bullion fell as much as 0.4 percent to $1,426.28 an ounce before trading at $1,427.70 at 2:36 p.m. in Singapore. The metal climbed to an all-time high of $1,444.95 yesterday. The April-delivery contract in New York decreased 0.5 percent. Oil lost 0.7 percent, retreating from a 29-month high.