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 NEW YORK (AP) - Gold prices fell back below $700 an ounce Wednesday after rallying as high as $720, reversing course as traders took profit, the dollar rose and crude oil prices fell.
June gold ended $1.10 an ounce lower, settling at $691.80 an ounce on the New York Mercantile Exchange, after climbing as high as $720 an ounce in overnight trading. The contract had gained $7.90 Tuesday to settle at $692.90 an ounce after falling about 4 percent Monday.
Strong buying interest in Tokyo and gains in crude oil prices early in the day drove buyers to gold as a hedge against inflation, but when crude took a dive, gold followed. Crude oil on Nymex fell 84 cents to settle at $68.69 a barrel Wednesday.
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