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 (NYM:GCZ22) 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 (S&P:SPX) rallying above the 4,200 mark and the Dow Jones Industrial Average (DOW:DJIA) back above 33,000 Thursday, bullish sentiment can dull the appeal of gold as a haven asset.
Aug. 11, 2022, 1:51 p.m. EDT