Gold slides, palladium just below two-year high

07 Apr, 2010

Gold fell on Tuesday from a four-week high hit in the previous session, while palladium flirted with $500 an ounce as a firmer US dollar kept the metal just below Monday's two-year high. Spot gold was at $1,128.20 an ounce by 0556 GMT, down $1.50 from New York's notional close on Monday, when it hit an intraday high of $1,133.20, its strongest level since March 8.
Palladium hit an intraday high of $500, just below Monday's 2-year high of $500.50, before slipping to $498.75, down $1.25. Sister metal platinum also fell around 1 percent after rallying to its highest since August 2008 at $1,705.50 in the previous session. US gold futures for June delivery fell $3.6 an ounce to $1,130.2. The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings stood at 1,129.823 tonnes as of April 5, unchanged from the previous business day.

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