Gold fell to a one-week low on Thursday after a repeated failure to break above a key chart level hurt investors' confidence in the metal, and as U.S. policymakers postponed talks on extending the U.S. debt ceiling.
A recovery in gold prices this month ran out of steam as the metal hit strong resistance at $1,695, its 55-day moving average and early January high. After failing to break decisively above that level for five straight sessions to Wednesday, gold fell.
Spot gold shed more than $15 to slide below $1,670 and was down about one percent in Thursday's trading. U.S. gold futures for February delivery lost nearly $17 to trade near $1,670 an ounce.
(Related: Pro: Why Gold is Still a Short)
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