Gold had rallied all week on safe-haven inflows, but it fell more than $40 from a record high hit in early trade as losses accelerated on Wall Street. Some investors, looking to raise cash to cover losses in other markets, decided to sell the precious metal. Silver slumped 6 percent too.
Gold was down 0.3 percent at $1,655.29 an ounce by 6:10 p.m., having earlier hit a record $1,681.67. Bullion also hit all-time highs in euro, sterling and yen earlier in the session.
Even as technical indicators showed the gold market was in overbought territory, most analysts said any pullback would be short-lived because there was enough safe-haven buying and economic fears to put a floor on prices.
U.S. gold futures for August delivery fell $9.60 to $1,656.70 an ounce. Trading pace was frantic as volume near 300,000 lots, set to be one of the strongest this year.
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