Gold pulls lower after hitting record high

13th May 2010, Comments 0 comments

The price of gold slipped on Thursday, one day after striking a record pinnacle above 1,248 dollars per ounce on safe-haven buying amid concerns over the eurozone debt crisis.

Gold stood at 1,234.63 dollars per ounce in morning deals on the London Bullion Market.

The precious metal had struck a record 1,248.82 dollars late on Wednesday as investors flocked to the commodity, which is regarded as a safe investment in times of economic uncertainty.

"After recent gains, Gold is having a quieter session this morning," said Manoj Ladwa, senior trader at ETX Capital in London.

"Some investors are taking money off the table today, but by and large, it remains the asset of choice despite economic worries receding."

© 2010 AFP

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