Gold continues to go down

Gold futures on the COMEX division of the New York Mercantile Exchange closed lower for a third session Wednesday as U.S. equities and the dollar rallied.

The most active gold contract for December delivery lost 3.2 U. S. dollars, or 0.26 percent, to settle at 1,245.3 dollars per ounce.

Analysts say that investors are waiting to see what direction the stock market is heading for, as well as waiting for clues from the Federal Reserve, the U.S. central bank, on the potential tightening of its current accommodative monetary policy.

U.S. central bank policymakers are expected to meet Tuesday and Wednesday next week, with the possibility of making an important announcement about tightening the monetary policy.

Other analysts say traders should make a note of oversold positions and watch for signs of short-covering.

Silver for December delivery gained 0.6 cents, or 0.03 percent, to close at 18.926 dollars per ounce. Platinum for October delivery lost 4.8 dollars, or 0.35 percent, to close at 1,381 dollars per ounce.