Gold futures have been within 1.5 percent of record highs this week, which is $1,577.40 per troy ounce and was set on May 2. Thursday marks a European Central Bank meeting, which observers are watching closely out of interest in noting suggestions that might indicate whether the following months will see an interest rate hike, the Wall Street Journal reports. The move is viewed as an attempt to control the sovereign debt crisis tearing through euro zone banks.
"We've seen a bit of profit taking," Afshin Nabavi, a senior vice president at Geneva-based bullion refiner MKS Finance, told Bloomberg. "The situation in the U.S. and Europe continues to not be very promising. We're heading for much higher prices in the medium term. We just need a trigger."
At 8:47 a.m. on Wednesday, gold futures decreased 0.51 percent, a $7.80 slide to $1,536.20 per troy ounce.
Gold futures have gained 8 percent thus far this year while the commodity is aiming for its 11th straight year of annual gains.
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