Gold rally fizzles in Asia

Gold fell more than half a percent on Thursday, backing away from the previous session's record high above $1,440 an ounce, on a peace plan for Libya proposed by Opec-member Venezuela to end violent unrest in the country. Spot gold fell as much as 0.7 percent and more than $11 from an intraday high of $1,436.15 at heel of the news.
It was trading at $1,425.76 an ounce by 0802 GMT, down 0.6 percent. Prices dropped as low as $1,422.35, flirting with support at $1,420. US gold futures lost 0.8 percent at $1,426.80.