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LONDON, April 13: Gold marginally retreated on Thursday from its highs as profit taking persisted ahead of Easter holidays, but market players remained upbeat on inflation worries and tensions following Iran’s nuclear aims.
Spot gold fell as low as $593.50 an ounce and was at $596.40/597.20 by 1011 GMT, compared with $597.50/598.30 late in New York the previous day and a 25-year high of $604 on Tuesday. While consolidation and even a correction is entirely possible at any time, we expect investors to use any weakness to add to positions, said John Reade, precious metals analyst at UBS Investment Bank.—Reuters
