Gold Futures Fall after Topping $1,000 an Ounce

Source:

"'Some correction and consolidation may be necessary' after gold surpassed $1,000."

Gold for February delivery ended down $7.20, or 0.7%, at $994.60 an ounce on the Comex division of the New York Mercantile Exchange. It closed above $1,000 Friday, the first time for a front-month contract since Mar. 18, 2008.

The February contract will expire on Wednesday, with open interest, or the total amount of outstanding contracts, standing at 193,300 ounces as of Friday. Trading more actively, the April contract, which also ended above $1,000 Friday, lost 0.7% to $995 an ounce.

"Some correction and consolidation may be necessary" after gold surpassed $1,000, said Mark O'Byrne, executive director at Gold and Silver Investments.

Gold holdings in SPDR Gold Shares, the largest gold exchange-traded fund, stood at a record level of 1,028.98 tons Friday, unchanged from a day ago, according to latest data from the fund. The total was up more than 220 tons from a month ago.

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