Metals Stocks: Gold taps $1,400 for the first time since 2013, then reverses

Gold tapped the $1,400-an-ounce level for the first time since 2013 on Friday, as investors continued to bet on easier monetary policy from the Federal Reserve and other central banks. But then the metal started backtracking.

August gold GCQ19, -0.44%GCQ19, -0.44% rose as high as $1,415.40 an ounce, earlier on Friday, but then began backing away. The metal last traded down $9.20, or 0.7%, to $1,387.40 an ounce. On Thursday, the contract soared $48.10, or 3.6%, to settle at $1,396.90 an ounce, its highest finish since September 2013 based on most-active contracts.

It was also the biggest one-day dollar and percentage gain since June 2016, according Dow Jones Market Data.

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