Gold hits new high at $1,123/oz. before settling lower

From MarketWatch:

Gold ends below $1,107 an ounce
Palladium is outlier, notching gains as auto, jewelry outlook improves

By Laura Mandaro, Myra P. Saefong & Moming Zhou, MarketWatch

SAN FRANCISCO (MarketWatch) — Gold futures fell $8 an ounce Thursday to post their first loss this month for the New York floor-session, pressured by a rebound in the U.S. dollar.

Gold for December delivery fell $8, or 0.7%, to end at $1,106.6 an ounce by the end of floor trading on the New York Mercantile Exchange’s Comex division. It was the contract’s first loss for the official settlement this month.

The tumble followed a new high by the contract of $1,123.4 an ounce, hit during the session in electronic trade.

The front-month but more thinly traded November contract also lost $8 to end at $1,106 an ounce. It rose to $1,121.30 earlier, the highest level for a front-month contract.

After hitting record highs in the morning, gold sold off “as the dollar started to improve,” said George Gero, a precious metals trader at RBC Capital Markets, in emailed comments.

The dollar index (INDEX:DXY) rose 0.7% to 75.643, supported by comments by U.S. Treasury Secretary Timothy Geithner that the U.S. government’s borrowing needs would be substantially less than expected. Read more on U.S. dollar and currencies trading.

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