Gold May Decline in New York on Increased China Reserve Ratios

Businessweek reports that Gold may decline in New York after China raised bank reserve ratios again, curbing demand for bullion.

The market news is quoted as saying:

China ordered its banks for the fifth time this year to set aside larger reserves. Gold earlier gained as the euro climbed against the dollar amid optimism a bailout for Ireland will limit contagion across Europe’s larger debt markets. Bullion futures, which usually move inversely to the greenback, reached a record $1,424.30 an ounce on Nov. 9.

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