Gold Falls Back and Platinum Slips on Better Financial Outlook

Source:

"There are a few good factors coming back to the financial markets. That's why people are off loading gold for now. It's basically shifting funds from one financial market to another," said a dealer in Singapore.

Gold extended losses on Wednesday after a rise in stock markets and news of reduced purchases by India ignited selling, while platinum fell as investors booked profits at record high prices.

Gold hit a high of $909.70 an ounce on bargain hunting but then dropped to $900.60/901.50 an ounce. It was last quoted at $907.70/908.50 in New York on Tuesday -- off from an all-time high of $936.50 it hit in early February.

"There are a few good factors coming back to the financial markets. That's why people are off loading gold for now. It's basically shifting funds from one financial market to another," said a dealer in Singapore.

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