Gold Weakens Late on Profit Taking After Hitting 11-Week High Early On

Gold prices were modestly lower in afternoon U.S. trading Tuesday, on some profit taking from recent gains. However, prices did score an 11-week high in overnight trading. Safe-haven demand amid market jitters related to plunging crude oil prices and chart-based buying were featured during most of the trading session Tuesday, before the profit taking set in. February Comex gold was last down $3.80 at $1,229.10 an ounce. Spot gold was last down $5.30 at $1,228.50. March Comex silver last traded up $0.446 at $16.995 an ounce.

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