Gold backs off rally above $500 in early NY trade

Newswire

NEW YORK, Nov 29 (Reuters) - Profit taking pressured gold in early New York trading Tuesday after prices topped $500 an ounce overnight for the first time in 18-years, rewarding weeks of fervent buying by investors and short-term speculators. Platinum prices were struggling near a 25-year high, but funds also cashed in some of the bullish bets booked recently. At the COMEX division of the New York Mercantile Exchange, December gold futures were down $2.50 at $495.80. They retreated from ...

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