Forty-eight hours after setting record prices and breezing by the threshold, gold futures dropped as the euro grew against the U.S. dollar. President Obama was more optimistic about the debt ceiling crisis being resolved, which also detracted from the precious metal's price. The record price for gold presently is $1,610.10 per troy ounce after steady rises on Monday and Tuesday.
The yellowish metal is "looking vulnerable to the downside," according to the Gartman Letter, a Suffolk, Virginia-based newsletter. The decrease "in the great scheme of things would be inconsequential as to the validity of the long-term bull move in gold. It would return the market to relative health by taking the latest longs out of their positions."
At 6:55 a.m. on Wednesday, gold futures fell 0.79 percent, a $14.30 decrease to $1,588.50 per troy ounce.
The New York Times reports the U.S. president told a press briefing of his optimism regarding prospects of the reduction deal, for which he called on leaders to return to the negotiating table.
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