Updated from 12:03 p.m. EST with settlement prices
NEW YORK (
Gold for February delivery shed $2 to $1,693.80 an ounce at the Comex division of the New York Mercantile Exchange. The
The $1,686 price was the lowest level seen for the yellow metal since Election Day on Nov. 6, when gold surged by more than $30 an ounce to break away from a then intraday low of $1,683.50."We obviously broke through some support levels, and then it stopped behaving as well as we'd like it to -- being below $1,700 an ounce," said Oliver Pursche, co-portfolio manager at GMG Defensive Beta Fund. Whereas a stall in fiscal cliff negotiations and some possible institutional selling of gold (realizing the yellow metal may not reach previously expected higher prices by year-end) plunged the precious metal on Tuesday by more than $25, Wednesday's action saw the commodity slightly fall against a strengthening dollar.
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