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Gold Extends Early Losses, Hits 3-Week Low, as Sell Stops Hit in Futures

(Kitco News) - Gold prices have dropped to session lows in mid-morning U.S. dealings Wednesday. Early selling pressure was intensified when prices dropped to a fresh three-week low, triggering sell stop orders in the futures market. The risk-on trading day in the market place and bearish "outside market" forces (firmer U.S. dollar index and weaker crude oil prices) are working against the gold market bulls Wednesday. December gold was last down $10.40 an ounce at $1,110.60.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff

 

 

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