Gold futures on the COMEX division of the New York Mercantile Exchange ended lower Wednesday, pulling back after closing a day earlier at their highest in almost five weeks.
The most active gold contract for December delivery fell 8.6 dollars, or 0.64 percent, to settle at 1,334 dollars per ounce. It 's a corrective move for gold on technical basis, according to some market analysts.
Gold surged more than 2 percent to close at 1,342.6 dollars Tuesday, the highest close for the most active contract in nearly five weeks, after a disappointing September jobs report raised expectations that the U.S. Federal Reserve will stick to its monetary-easing policy for the near future.
Furthermore, physical demand for gold has slowed over the past few days, which could drain some support for the precious metal, as the fundamental demand from China seems to be wavering, said reports.
However, market analysts offered a mixed view on the outlook for gold prices, as a strong demand from Asia will be a key support for gold to go forward. Silver for December delivery fell 17.3 cents, or 0.76 percent, to end at 22.617 dollars per ounce.