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  • Gold scores gain, but bears see chance of a test of $1,000/oz.




    Gold futures finished with a modest gain on Wednesday as the U.S. dollar retreated.

    February gold GCG6, -0.18%  tacked on $1.20, or 0.1%, to settle at $1,076.50 an ounce on Comex. It traded as high as $1,085 and as low as $1,068.70 during the session.

    But analysts and investors have begun to debate the odds that prices could drop to $1,000 an ounce. Market participants fear that such a fall to $1,000/oz.—a 7% plunge for gold prices—could come as the Federal Reserve raises interest rates as expected next week.

    Price are “getting kicked around by Comex speculators betting on the Fed next week, and on how other spec[ulators] react, whatever the decision,” said Adrian Ash, head of research at BullionVault.

    Gold prices were volatile Wednesday, turning decidedly higher in the minutes ahead of the price settlement as declines in the ICE U.S. Dollar index DXY, +0.09% intensified on the back of a rally in the euro EURUSD, -0.1723% A weaker dollar can lift the appeal of dollar-denominated commodities like gold.

    However, “gold appears vulnerable to further weakness as traders remain fixated on the likely Fed interest-rate rise next week,” said Mark O’Byrne, research director at GoldCore, based in Dublin.


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