Gold prices fell for a third day as the euphoria over a Greek debt deal fizzled, Reuters reports. “The threat of the U.S. economy slipping off the fiscal cliff may keep gold prices supported, but the strength in the dollar – a more popular safe haven – is likely to put a cap on gains,” it said.
Gold holdings in GLD, the largest precious metal ETF, rose to a record high of nearly 1,346 tons, according to the report.
The gold fund has encountered resistance at its 50-day simple moving average.
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Full disclosure: Tom Lydon’s clients own GLD.