Gold futures closed lower Thursday for the first time in about a week as stocks rallied in the wake of cooler U.S. inflation data. December gold fell $6.50, or 0.4%, on Thursday to settle at $1,807.20 an ounce on Comex, according to FactSet. The yellow metal edged higher on Wednesday after the release of July's consumer-price index showed signs of a slowdown in surging price gains, pegged at 8.5% annually from a 41-year high of 9.1% in June. Despite inflation still running hot, many investors have shifted their focus to buying riskier assets, including U.S. stocks. With the S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.47% rallying above the 4,200 mark and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.14% back above 33,000 Thursday, bullish sentiment can dull the appeal of gold as a haven asset.
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