Gold Falls off 11-Month High; Analyst Firmly Upbeat

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Gold retreated as the market paused for breath after climbing to an 11-month high in late New York trades yesterday.

Gold retreated as the market paused for breath after climbing to an 11-month high in late New York trades yesterday. Analysts remained firmly upbeat on the metal's prospects.

"We wouldn't be surprised to see the highs (of last year) broken over the next month. There's lots of people in the market who want to see it go higher," said Adrian Ash, an analyst at TheBullionVault.com

At 10.46 am, spot gold was quoted at 687.05 usd an ounce, down from 689.50 usd in late New York trades. In after market trades, the metal rallied to 691.60 usd, its highest since May 18 last year.

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