Dow Jones Newswires reports investors shied from the volatility of the yellowish metal and instead directed energy and resources toward equities, which are rising. IG Markets institutional dealer Chris Weston told the news service that the volatility of gold is being produced by occurrences in markets for currency and equity.
"I don't [think] there is going to be much clear direction for gold at the moment," Deutsche Bank analyst Michael Lewis told Reuters. "To some extent the market is just a bit broken, and needs to repair itself … the strength that we saw (earlier this year) is going be difficult to repeat."
At 6:21 a.m. on Wednesday, gold futures dropped 0.17 percent, a $2.70 fall to $1,613.30 per troy ounce.
With the final quarter of 2011 in process, gold futures are still en route to achieving an 11th consecutive year of annual gains. September 6 saw the establishment of gold futures' record price of $1,923.70 per troy ounce, since when the precious metal has shown a volatility it does not typically demonstrate.
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