Gold Futures Down 2% as Other Metals Fall

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In the longer term, however, the outlook for gold "remains bullish as investors still seek to offset inflationary pressures created by high fuel costs, ongoing credit liquidity issues, recessionary fears in the U.S. and falling Treasury yields," James Moore, an analyst at TheBullionDesk.com, said in a research note.

Other metals prices posted steeper declines in early trading on the New York Mercantile Exchange.

Gold for April delivery fell $19.80, down 2%, to $929 an ounce. On Thursday, gold futures finished down 40 cents an ounce.

"Gold's failure to hold above $950 suggests that in the short term the market is still a little top-heavy and will remain vulnerable to bouts of profit-taking ahead of month and quarter end," said James Moore, an analyst at TheBullionDesk.com.

In the longer term, however, the outlook for gold "remains bullish as investors still seek to offset inflationary pressures created by high fuel costs, ongoing credit liquidity issues, recessionary fears in the U.S. and falling Treasury yields," Moore said in a research note.

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