LONDON, Jan 28: Gold’s bull run was put on hold in European trade on Tuesday as funds waited for US President George W. Bush to signal the next move in the military face off with Iraq.
Spot gold was quoted at $368.10/368.90 an ounce by 1514 GMT, down from the late New York quote of $369.20/370.00 on Monday but above a session low of $366.15.
A firmer dollar, gains in European stock markets for the first time in 10 sessions and a firmer start on Wall Street prompted profit-taking in bullion as funds returned to currencies and equities.
A hefty long position built up by funds in US gold futures also weighed on the market, analysts said.
“After the rapid increase in the gold price over the past two months a period of consolidation is looking increasingly possible,” said John Reade, metals analyst at UBS Warburg.
Gold is up seven percent so far this year after leaping nearly 25 percent in 2002.—Reuters
