Gold settles lower for 6th loss in 8 sessions

Gold futures settled lower on Wednesday, for their sixth loss in eight sessions, as upbeat U.S. economic data provided a boost to the dollar and investors turned their attention to a rally in the stock market.

Gold futures for December delivery GCZ5, -0.13%  lost $6.20, or 0.5%, to settle at $1,133.60 an ounce on Comex, following a gain of 0.6% a day earlier. December silver SIZ5, +0.02%  ended at $14.667 an ounce, up 4.7 cents, or 0.3%.

“We think too much is made of gold’s safe-haven status in the short run,” said Michael Armbruster, principal and co-founder of Altavest Worldwide Trading. When “investors need liquidity, they sell everything, including gold.”

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