Gold futures closed Wednesday with a loss of nearly $15 an ounce
Gold futures closed Wednesday with a loss of nearly $15 an ounce, with the market still reeling a day after a global stock-market sell-off.
But prices finished higher for the month and most analysts remain convinced that the decline for the day was only a temporary setback in the metal's climb toward $700.
"For many months now, gold has managed to correct very overbought conditions in a manner of a day or two, and it would not surprise me that it has done so again," said Peter Grandich, editor of the Grandich Letter.
Gold futures for April delivery dropped as much as $23.20 during Wednesday's session to a more than two-week low of $664 an ounce on the New York Mercantile Exchange. It closed at a one-week low of $672.50, down 2.1%, or $14.70.
The last time the market saw a pull back like this was during the Jan. 3 to Jan. 5 period, when prices fell nearly $40 in two days, according to Neal Ryan, director of economic research at Blanchard.