Gold fell for the first time in four sessions in New York, set for its biggest annual loss in three decades, as an improving economy cut demand for a protection of wealth. Silver futures also retreated.
Copper rose in New York and London to the highest price in more than a week before a report that may show a stronger gauge of the economic outlook for the U.S., the world’s second-biggest consumer of the metal.
Gold declined in London after a rally to a record and a rebounding dollar prompted some investors to sell bullion. Silver was little changed after reaching a 30-year high and palladium fell from a nine-year high.
Gold surged to a record $1,899.40 an ounce as mounting concern that the global economy is slowing amid debt crises spurred demand for bullion as a protection of wealth. Platinum rose to a three-year high.
Gold rose, silver gained to a 30- year high and palladium jumped to the highest price in almost 10 years on demand for precious metals to hedge against declines in other assets because of unrest in the Middle East.
Gold dropped the most in 10 weeks in New York as some investors sold the metal to raise cash as commodities and equities slid. Silver plunged, and palladium and platinum slipped, on concern industrial demand will wane.