Gold futures fell for a second straight session on Thursday, sending prices to their lowest settlement in a week, as a return of calm in global markets and upbeat economic data out of the U.S. saps the precious metal of haven appeal.December gold shed $9.10, or 0.8%, to settle at $1,124.50 an ounce on Comex. Prices marked their seventh loss in nine trading sessions, and their lowest settlement since Aug. 27.
Gold traders are “basically a confused a lot,” said Chintan Karnani, chief market analyst at Insignia Consultants. “Most of them are of the view that [U.S.] interest rates will not be raised this month.”
“But they are not showing any urgency to buy as gold not been able to trade over $1,150,” he said. “Gold’s confidence will return if and only if gold trades over $1,150. At lower levels, there are buyers around $1,100 and below.”
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