Gold futures end lower, but stick to a tight trading range
Gold futures finished lower on Thursday, contributing to a loss so far this week but sticking to the tight trading range that's been in place over the past couple of months. "Price moves in gold and U.S. dollar index suggest that traders are sitting on cash," said Chintan Karnani, chief market analyst at Insignia Consultants. "They are booking profit on every major technical hurdle and buying on major short term support. Hence the range trade in gold," he said. Gold futures have been trading in a $1,670 to $1,770 range for about two months, FactSet data show. On Thursday, August gold fell $4.50, or 0.3%, to settle at $1,731.10 an ounce. It trades around 0.4% lower so far this week.
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