Gold futures slipped Tuesday, snapping an epic climb of six-straight days of gains, according to published reports.
The precious metal's drop in value was attributable to investors cashing in on their gains as the stock market climbed in value. The all-time high price for gold futures now stands at $1,917.90 per troy ounce, which was established on the fourth-straight record-setting day.
"We've come a tremendous distance and some consolidation and profit taking is not unexpected," precious metals dealer Frank McGhee with Integrated Brokerage Services in Chicago told Dow Jones Newswires. "You have a rebound in stocks today, and gold is trading contrary to stocks."
At 3:37 p.m. on Tuesday, gold futures fell 3.02 percent, a $57.10 drop to $1,834.80 per troy ounce.
Thus far in August, bullion has gained 14 percent of its value, according to Bloomberg. Prior to Tuesday's selloff, the precious metal increased 17 percent in a 21-day period. Gold futures are driving toward an 11th-straight year of annual gains.
Senior market strategist Adam Klopfenstein of MF Global told MarketWatch that the precious metal is likely to encounter support at roughly $1,850 per troy ounce.
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