Gold scores gain, but bears see chance of a test of $1,000/oz

Gold futures finished with a modest gain on Wednesday as the U.S. dollar retreated.

February gold GCG6, -0.33%  tacked on $1.20, or 0.1%, to settle at $1,076.50 an ounce on Comex. It traded as high as $1,085 and as low as $1,068.70 during the session.

But analysts and investors have begun to debate the odds that prices could drop to $1,000 an ounce. Market participants fear that such a fall to $1,000/oz.—a 7% plunge for gold prices—could come as the Federal Reserve raises interest rates as expected next week.

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