Gold for February delivery lost $13.30 to settle at $1,656.60 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,671.60 and as low as $1,655 an ounce, while the spot price was losing $9.10, according to Kitco's gold index.
"The economy is improving, but you've also got financial assets rallying," said Adrian Day, president of Adrian Day Asset Management. "People feel less of a need for gold. ... And at the same time, of course, we've had global stock markets rallying now for two, three, four months."
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