Gold for April delivery declined $3.10, or 0.2%, to $1,434.90 an ounce on the Comex division of the New York Mercantile Exchange.
It had traded higher most of the session. The contract earlier traded as high as $1,448.60 an ounce, the highest intraday mark for a most-active contract.
Gold settled at a record high on Wednesday, its third so far this year, finishing the day at $1,438 an ounce. But the recent high has not brought record open interest in gold, and the rollover from the April contract to the June one underway will add to the market’s volatility, George Gero, a vice president at RBC Wealth Management, said in e-mailed comments.
Gold is not currently overbought, however. “A lot of the exuberance has been taken out of the market” in the mild corrections that preceded Wednesday’s record, and gold still has to play more catch-up with silver, which broke through key technical levels, Pawlicki said.
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