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Gold May Fall as Some Investors Sell After Rally to Record

By Pham-Duy Nguyen

Dec. 28 (Bloomberg) -- Gold futures, little changed in New York, may fall as some investors book profits after the metal rose to a record this year.

Gold has outperformed stocks and bonds in 2009 as the metal heads for the ninth straight annual gain. Before today, prices climbed 25 percent in 2009, touching a record $1,227.50 an ounce on Dec. 3.

“Some of the larger buyers have bailed on gold and, until the big money comes back on the buy side, gold is going to struggle,” said Matt Zeman, a metals trader at LaSalle Futures Group in Chicago.

Gold futures for February delivery fell 30 cents to $1,104.50 an ounce at 10:52 a.m. on the Comex division of the New York Mercantile Exchange. The price climbed 1.7 percent in the previous two sessions. The market was closed on Dec. 25 for the Christmas holiday.

Before today, the Dow Jones Industrial Average climbed 20 percent this year and returns on the benchmark 10-year U.S. Treasury note fell 9.6 percent.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aVAXWwaxbU2A