Gold closed lower Monday after brief 16-week peak of $440 per ounce, at traders cashed in on gains with the dollar firming against the euro and oil prices continue falling.
Gold futures for the December delivery lost $1 to $437.30 an ounce on the New York Mercantile Exchange's COMEX division.
In overnight NYMEX ACCESS electronic trading, December gold touched a new contract peak at $440.60, which was the highest for futures since July 1988. The session low was $436.30.
A firmer dollar typically dents demand for the precious metal, which is priced in gold, for non-U.S. buyers.
Traders said the metal could slide toward $430 support on liquidation out of the towering speculative net long position in the market.
575
Gold Closed Lower Monday
Traders said the metal could slide toward $430 support on liquidation...
