Gold Futures Hit New Record but Close Lower

Gold futures settled lower Tuesday after earlier rallying to yet another new all-time record high.

COMEX gold futures, per the December contract, climbed to an intra-day high of $1,923.70 per ounce at approximately 2:30am ET.  The yellow metal subsequently went on quite a roller coaster ride, tumbling toward $1,860 near 4am ET after the Swiss National Bank announced its intention to peg the Swiss Franc to the euro currency.
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Precious Metals Turn Lower, XAU Gives Up Gains

Gold and silver shares turned lower alongside precious metals in late Tuesday morning trading amid profit taking in the sector.

The spot price of gold – which hit a new all-time record high of $1,922.20 per ounce earlier this morning – tumbled $32.72 to $1,867.48 per ounce, while silver slid $1.01 to $41.99 per ounce as of 11:43am ET.
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