Economics
Gold Retreats as Record Price, IMF Growth Reduction Spur Sales
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Gold retreated as a rally to a record prompted some investors to sell and a tumble in energy prices, sparked by reduced economic growth forecasts from the International Monetary Fund, reduced inflationary pressures.
Immediate-delivery bullion fell 0.4 percent to $1,456.78 an ounce at 3:16 p.m. in Singapore after touching an all-time high of $1,478.18 yesterday. Gold for June delivery in New York lost 0.7 percent to $1,457.70, retreating from a record $1,478.