Gold futures post their lowest settlement in over 2 weeks
Gold futures dropped on Thursday, with prices losing their grip on the key $1,900 level to mark their lowest finish in more than two weeks. While the 13% gain in gold prices since March 2021 has been "impressive, confidence has actually been fragile and momentum was already easing off before the ADP data and correction" in prices Thursday, said Ross Norman, chief executive officer at Metals Daily. "Gold looked as if it was topping out." Some profit-taking has exacerbated the decline, and gold will rebuild from here, he said. August gold fell $36.60, or 1.9%, to settle at $1,873.30 an ounce, the lowest most-active contract price since May 18, according to FactSet data. On Wednesday, prices marked their highest settlement since Jan. 7.
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