Gold futures closed lower for a second day Wednesday
Gold futures closed lower for a second day Wednesday, falling to their lowest level in a month as traders adjusted portfolios heading into the year end.
Gold for February delivery closed down $1.70 at $495.30 an ounce, its lowest closing level since Nov. 21 on the Comex division of Nymex.
Still, forecasts for the metal remain bullish, with most analysts expecting the contract to retake the $500-an-ounce level and build a new base above it in 2006.
What's more, gold mining shares have held up even as the gold price has retreated.
"They usually DO lead the metal, and may be doing so now, showing strength off a huge 'W' bottom formation," he said.