Gold fell almost 1 percent on Wednesday, retreating from a four-month high as a dollar rally and surging US new home sales dented bullion's safe-haven appeal. The precious metal accelerated losses after the Commerce Department said that sales of new US single-family homes jumped nearly 10 percent to a 5-1/2-year high in January.
Spot gold touched its highest level since October 30 at$1,345.35 an ounce earlier in the day. It was last trading down 0.8 percent at $1,328.80 by 2:16 pm EST (1916 GMT), its biggest one-day loss in nearly a month. US COMEX gold futures for April delivery settled down $14.70 at $1,328 an ounce, with trading volume about 10 percent below its 30-day average, preliminary Reuters data showed. Among other precious metals, silver fell 2.6 percent to $21.26 an ounce. Platinum dropped 0.8 percent to $1,422.10 an ounce and palladium was down 0.5 percent at $728.75 an ounce.
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