Gold futures declined Wednesday to settle at their lowest price in more than three weeks, as the U.S. dollar and Treasury yields strengthened on the back of expectations for further interest-rate increases from the Federal Reserve. The path of least resistance for gold is “to the downside and as support after support breaks, this will give rise to further technical selling,” said Fawad Razaqzada, market analyst at City Index and FOREX.com. “A drop below September’s low at $1,615 looks very likely now, with $1,600 being the next target for the bears.” Gold for December delivery fell $21.60, or 1.3%, to settle at $1,634.20 an ounce on Comex. That’s the lowest most-active contract finish since Sept. 26, FactSet data show.
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