Gold News & Info

Source: Marketwatch

San Francisco— Gold futures traded lower Wednesday weak low volumes and subdued interest in the metal, which has tallied a loss of more than 2% over the past two trading sessions. Gold for December delivery declined $5.80, or 0.4%, to trade at $1,647 an ounce on the Comex division of the New York Mercantile Exchange. The contract traded between a low of $1,642.50 an ounce and a high of $1,666.90 an ounce. Gold has failed to make it past $1,700 an ounce in recent sessions, leaving investors disappointed, he said. With the euro zone�s summit scheduled for the weekend, few investors want to place large bets on gold, Lesh added.

Gold�s losses come amid trading changes approved by the U.S. Commodities Futures Trading Commission. The commission late Tuesday approved long-awaited rules that limit the number of commodity contracts that any investor can hold in agriculture, energy or metals. Gold futures had declined $23.80 on Comex Tuesday amid expectations of the approval. �Gold prices are still right on trend despite the big drop yesterday on the CFTC ad demand news,� said Richard Hastings, macro strategist at Global Hunter Securities. See full story.