Gold futures fell for the first time in two weeks on sales by investors following the longest rally since August. Silver dropped for the second straight day.
Political turmoil in parts of the Middle East and North Africa drove gold higher in the previous eight sessions. The metal’s 14-day relative-strength index topped 70 in the past two days, a signal that prices were poised to fall. Before today, the metal climbed 6.1 percent this month after tumbling by that amount in January.
Gold futures for April delivery fell $9 U.S., or 0.6%, to $1,406.80 U.S. an ounce early Friday on the Comex in New York. The metal headed for the fifth straight weekly gain.
Yesterday, the price reached $1,418.80 U.S., the highest since Jan. 3. On Dec. 7, the metal surged to a record $1,432.50 U.S.
Silver futures for May delivery dropped 27.5 cents, or 0.8%, to $32.905 U.S. an ounce. Yesterday, the metal declined 0.4%.
On Feb. 22, silver reached $34.315 U.S., the highest since March 1980. The commodity has doubled in the past 12 months.
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