Gold slips from record high

8th December 2010, Comments 0 comments

Gold prices fell Wednesday on profit-taking, after hitting a record peak the previous day, when the safe-haven metal was lifted by concerns over the eurozone debt and deficit crisis.

On the London Bullion Market, gold sank to 1,395.78 dollars per ounce after striking an all-time pinnacle at 1,431.25 on Tuesday.

The glamorous precious metal, whose two main drivers are jewellery and investment buyers, is widely regarded as a safe bet in times of economic uncertainty.

"It is only natural to take a breather after the latest surge with the downside still limited as renewed eurozone fears continue to keep the market underpinned," said VTB Capital analyst Andrey Kryuchenkov.

He added that "economic uncertainty" over the eurozone was "still haunting market participants."

© 2010 AFP

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