Gold futures finished sharply lower on Wednesday, marking second straight sessional loss as the safe haven appeal of the bullion dulled with the optimism over a potential US-China trade deal. Even though, the yellow metal is still up roughly 55% for the year and over 5% this month, supported by expectations that the Federal Reserve will implement two additional rate cuts by year-end.
Gold futures for December delivery tumbled by $43.70 or 1.06% to settle at $4,065.40 an ounce on the Comex division of the New York Mercantile. Spot gold down by $11.65 or 0.28% to $ 4,086.77 an ounce.