Gold fell in Trading Forex Online

Gold fell in Trading Forex Online

Gold fell in Trading Forex Online as an advance in the dollar reduces demand for the precious metal as an alternative asset. Silver declined from a 30-year high.

Gold for immediate delivery lost as much as $2.50, or 0.2 percent, to $1,291.85 an ounce before trading at $1,293.60 at 12:24 p.m. in Seoul. Bullion reached an all-time high of $1,300.15 yesterday.

Immediate-delivery silver dropped as much as 0.8 percent to $21.2463 an ounce after yesterday rising to $21.6175, the highest level since October 1980.

The Dollar Index, a six-currency gauge of the greenback’s value, advanced as much as 0.2 percent after touching the lowest level yesterday since Feb. 3.

Gold for December delivery dropped 0.3 percent to $1,295 an ounce on the Comex in New York. Futures reached a record $1,301.60 on Sept. 24.

Bullion has risen 18 percent this year, heading for a 10th consecutive annual advance, spurring central banks globally to add the metal to reserves. Combined central-bank holdings expanded every quarter since the second quarter of last year, according to data from the World Gold Council.

Hedge-fund managers and other large speculators decreased their net-long position in New York gold futures in the week ended Sept. 21, according to data from Washington-based U.S. Commodity Futures Trading Commission on Sept. 24. Speculative long positions, or bets prices will rise, outnumbered short positions by 244,013 contracts on the Comex, the commission said. Net-long positions fell by 248 contracts from a week earlier.