Gold News & Info

Source: Marketwatch

San Francisco— Gold futures settled lower for a third straight session Thursday as some of the metal�s safe-haven appeal diminished after European leaders agreed on a plan to try to contain the region�s sovereign-debt crisis. Gold for August delivery declined $9.90, or 0.6%, to settle at $1,587 an ounce on the Comex division of the New York Mercantile Exchange, its lowest price in a little more than a week. Gold reached a nominal record of $1,602.40 an ounce on Monday. Adjusted for inflation, gold would have to settle around $2,400 an ounce to supplant a record around $850 an ounce reached in January 1980.

The metal wavered between small gains and losses most of the session, supported in part by a lower dollar and doubts the European Union plan would be effective and enough to restore investors� faith in Europe and the euro. �The EU lacks credibility in a lot of investors� minds,� said Matt Zeman, head trader and strategist with Kingsview Financial in Chicago. �Whether or not this debt deal gets done, the fact of the matter remains that sovereign-debt issues are here to stay,� including problems in the U.S., he added. See full story.