Gold fell 1.5 percent on Thursday, snapping a four-day rally to record highs, on news of a Venezuelan proposal to end turmoil in Libya and as the European Central Bank (ECB) warned it could soon raise interest rates. April gold futures settled down $21.3, or 1.5 percent, at $1,416.40 an ounce on the COMEX division of the NYMEX. Ranged from $1,410.60 to $1,436.90 an ounce.
Gold nearly halved its gains from the past four days to an all-time high $1,440.10 an ounce set on Wednesday. Spot gold fell as low as $1,409.96 an ounce and was down 1.5 percent at $1,412.90 an ounce at 3:04 pm EST (2004 GMT). COMEX May silver ended down 50.8 cents, or 1.5 percent, at $34.327 an ounce as investors took profits after Wednesday's rally to 31-year highs. Ranged from $34.030 to $34.960. Spot silver fell 1.3 percent to $34.22 an ounce, after rising to a 31-year high of $34.96 on Wednesday.
NYMEX April platinum finished down $26.30, or 1.4 percent, at $1,833 an ounce on broad-based precious metal weakness. Spot platinum slipped 1.2 percent to $1,823.99 an ounce. NYMEX June palladium closed down $7.85 at $814.80 an ounce, tracking platinum. Spot palladium lost 0.8 percent to $810.22.
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