Gold Prices Give Back Ground In Light Pre-Holiday Trading

(RTTNews) - Gold prices moved notably lower over the course of the trading day on Wednesday, more than offsetting the increase seen in the previous session.

After rising $3.40 to $1,460.30 an ounce on Tuesday, gold for December delivery slid $6.90 or 0.5 percent to $1,453.40 an ounce.

With the decrease on the day, gold for December delivery ended the session at its lowest closing level in nearly four months.

The more actively traded gold for February delivery fell $6.60 or 0.4 percent to $1,460.80 an ounce after climbing $3.60 to $1,467.40 an ounce on Tuesday.

Continued optimism about a U.S.-China trade weighed on the price of gold, as traders moved out of the safe haven amid expectations the two economic superpowers will eventually reach an agreement.

Trading activity was somewhat subdued, however, with some traders looking to get a head start on the Thanksgiving Day holiday on Thursday.

The upcoming holiday pushed forward several U.S. economic reports, leading to an avalanche of data that painted a mixed picture.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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