The yellowish metal also benefited from stock market solidifying while gold buyers were activated into purchasing by recent dips. One trader said late last month that volatility within the market for the yellowish metal is very likely to continue because of lingering questions about fiscal issues.
"In our heightened environment of fiscal and monetary uncertainty (some would say insanity), this year should be especially volatile and I think we saw some of that coming through yesterday – and over the past couple weeks," senior broker Kurt Pfafflin with Daniel's Trading said in a November 29 newsletter.
At 10:44 a.m. on Wednesday, gold futures fell 0.57 percent, a $6.97 drop to $1,687.97 per troy ounce.
The central bank of South Korea said late in the Wednesday trade session that it purchased 14 tons of gold last month with foreign reserves as a method of diversifying risks in its portfolio, Reuters reports.
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