Gold Tumbled $30 On Dollar Weakness

Gold tumbled $30 on Wednesday on a drop in the dollar, while platinum touched a new all-time high before settling a bit lower.

James Moore, analyst with TheBullionDesk, said gold's long-term bull market was intact, but he saw risk of a further short-term correction as heavily leveraged funds want to take some profits off the table at lofty prices.

Spot gold got as high as $716.00 an ounce, gaining 4 percent before easing to $690.90/691.70 late in New York, against $689.90/0.90 late on Tuesday, when it had risen more than $7. It had fallen to $685.80 during Asian trade.