With a little more than one week left in 2011, a less-aggressive tack by traders and investors is likely to ensue, which will draw down the value of bullion. That will augment the downward slope of gold futures during the past two weeks that has seen the struggling euro lose value to the world's reserve currency. While the precious metal is hovering at values north of $1,600 per troy ounce, one analyst predicted brighter days lie
"The price increase before was also due to speculative interest, and that seems to be abating, which I find healthy," analyst Eugen Weinberg with Commerzbank told Reuters. "Gold will be forming a bottom in the coming months, and due to the higher risks ahead, I think prices are likely to increase."
At 7:48 a.m. on Thursday, gold futures increased 0.04 percent, a 60 cent lift to $1,614.20 per troy ounce.
With slow trader and investment activity for the next several trading sessions, Dow Jones Newswires indicates gold futures' losses are likely.
This material is conveyed as a solicitation for entering into a derivatives transaction.