Gold trims its losses, but is still far from Monday’s record levels

New York, October 24 / WAM / Gold trimmed its losses today, but is still on its way to recording its first weekly loss in ten weeks.

Gold fell in spot transactions by 0.2 percent to $4,115.03 per ounce by 1326 GMT, after falling by about two percent earlier in the session. It recorded a decrease of 3.1 percent since the beginning of the week.

US gold futures for December delivery fell 0.4 percent to $4,130.50 an ounce.

Spot gold hit an all-time high of $4,381.21 on Monday, but has fallen by more than six percent since then, as investors took profits.

The metal has risen 55 percent this year, driven by geopolitical turmoil, buying by central banks and expectations of lower US interest rates.

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