[Week 51 2005] Gold Profit-Taking

Gold Profit Taking after Recent All Time Gold Highs: Profit-taking has weighed on gold since last Monday when gold futures climbed as high as $US544.50 an ounce, the latest in a series of quarter-century highs for the precious metal.

With Friday's close of $US505.90, however, futures had shed 4.8 per cent, or $US24.30, over the week.

"If you look at charts, there seems to have been a pretty strong correlation of late between the gold and the Australian dollar," he said. And despite a healthier-than-expected US current account deficit on Friday, the US currency weakened.