NEW YORK (Dow Jones)--Gold futures eased for a third consecutive day on Thursday, as traders continued to cash out of the precious metal because of weak physical demand and disappointment that prices failed to hold their gains earlier this week. The most actively traded gold contract, for April delivery, fell $5.70, or 0.3%, to settle at $1,652.20 a troy ounce on the Comex division of the New York Mercantile Exchange, the lowest settlement price since March 22. With money managers cashing out ahead of Friday, the last trading day of the month and quarter, traders had little reason to bet that buyers would emerge to pull gold out of this week's slump, said George Gero, a vice president and precious metals strategist with RBC Capital Markets. Selling pressure also continued on Thursday in the wake of the "major disappointment" that futures couldn't breach $1,700 earlier in the week, he said.
Gold Extends Slump
NEW YORK (Dow Jones)--Gold futures eased for a third consecutive day on Thursday, as traders continued to cash out of the precious metal because of weak physical demand and disappointment that prices failed to hold their gains earlier this week. The most actively traded gold contract, for April delivery, fell $5.70, or 0.3%, to settle at $1,652.20 a troy ounce on the Comex division of the New York Mercantile Exchange, the lowest settlement price since March 22. With money managers cashing out ahead of Friday, the last trading day of the month and quarter, traders had little reason to bet that buyers would emerge to pull gold out of this week's slump, said George Gero, a vice president and precious metals strategist with RBC Capital Markets. Selling pressure also continued on Thursday in the wake of the "major disappointment" that futures couldn't breach $1,700 earlier in the week, he said.