Gold hit a fresh record above $1,398 an ounce on Monday before a rebound in the dollar caused prices to retrace, though short-term sentiment remains upbeat. Gold fell $3.96 an ounce to $1,390.54 by 0601 GMT, having risen as high as $1,398.35. Silver tracked gold higher to hit a fresh 30-year peak at $26.98 an ounce.
The world's largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings slipped to 1,291.766 tonnes by November 5 from 1,292.189 on November 2. The holdings hit a record at 1,320.436 tonnes on June 29. US gold futures for December delivery fell $8.4 an ounce to $1,389.3 an ounce.