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US gold futures pulled back from an 18-year high on Thursday morning, knocked down by a second day of profit-taking by fund-type accounts in holiday-thinned trading, market sources said.
Gold had reached a new peak of $483.10 an ounce Wednesday on the investment buying that recently has been fuelled by inflation fears and seasonal physical demand for bullion. That was the loftiest price for futures since January 1988.
"It looks like the last two days has just been profit-taking from the funds," said a precious metals trader at a bank.
By 10:18 am EDT, active December delivery gold had lost $4.50 to stand at $472.10 an ounce on the New York Mercantile Exchange's COMEX division, trading from $477 to a one-week low of $471.50.
Volume was on the thin side due to the Jewish holy day of Yom Kippur, which sidelined some players. Estimated COMEX volume was a subdued 7,000 lots at 9 am.
Spot gold fell to $470.90/1.70 an ounce, from a prior 18-year high of $480.25 and the last close in New York at $472.25/3.00. Thursday's early London fix by bullion dealers was at $471.25.
Gold's outlook remains strong overall and the price should resume its rally toward $500, Standard Bank said in a note.
J.P. Morgan metals and mining strategist Jon Bergtheil said: "People have reasoned that the sheer extent of the metals price rises means, simplistically, that they have now gone up so high that they can't go up further to the same extent."
Precious metals have drawn fresh investment this year amid growing inflation fears, with prices rising even as expectations of higher US interest rates boost the dollar.
December silver fell 2.8 cents to $7.81 an ounce, trading from $7.83 to $7.74. Spot was quoted at $7.75/78 an ounce from $7.74/76 previously. The fix was $7.73.
NYMEX January platinum tumbled 1.75 percent, or $16.50, to $929 an ounce after futures Wednesday hit a 20-month high at $951. Spot traded at $926/929.
December palladium dropped $5.90 to $209.50 an ounce. Spot retreated to $204/207.

Copyright Reuters, 2005

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