Gold futures fall after touching record at $1,195

Marketwatch ^ | November 26, 2009 | Polya Lesova

[danielmryan]

FRANKFURT (MarketWatch) -- Gold futures fell on Thursday after climbing to a record just below $1,200 an ounce, as the dollar rebounded against its rivals, pressuring the precious metal.

Gold for December delivery dropped $3.30 to $1,183.70 an ounce in electronic trading on Globex.

[danielmryan]

Stock futues are also down.

[headsonpikes]

Well, that’s it then! So much for the bull market in gold!

I’ll be looking for a similar post the next time gold ticks up 10 bucks! lol

[darkside321]

euro-dollar now at 1,5065

[danielmryan]

I'd watch to see what happens at $1.50.

[darkside321]

well usually gold falls when the Dollar gains strength

[danielmryan]

True - and nowadays, stocks fall when gold does too. That's fairly good news for gold overall: it suggests that inflation and recovery are seen as the same thing. Since inflation ain't the royal road to prosperity, that supposed link means better news for gold than for stocks.

[BobL]

Yep, it does look like gold will test its generational lows of around $250 an ounce soon. LOL.