Gold Erased $160 from Record High as QE3 Hopes Lowered
SylviaHunt30Gold tumbled for a second day on profit-taking and tamed QE speculations after better-than-expected economic data. The benchmark Comex contract plummeted to around 1750 yesterday before settling at 1757.3, down -5.59%. Year-to-date, the metal has risen around +24%. Gold's uptrend accelerated in July and surged to a record high of 1917.9 on Tuesday. The key reason for the recent rally was driven by risk aversion, QE3 speculations and inflationary concerns.
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Gold Erased $160 from Record High as QE3 Hopes Lowered
