Gold for February delivery was down $9.20 at $1,742.10 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,758.80 and as low as $1,732.20 an ounce while the spot price was down $6, according to Kitco's gold index.
Gold was also decoupling from the stock market -- the two have been moving in tandem of late. Any sell off in stocks can prompt gold selling as investors need to raise cash. On the flip side, if markets head higher and traders still need cash they might be more apt to sell gold then a stock up 10%.
There was steady buying from Asia overnight and Western traders took advantage of the price move to lock in gains and are tentative to bet big on gold.
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