Gold futures settled lower on Wednesday, down from the nearly six-year high scored a day earlier, following comments from Federal Reserve chair Jerome Powell on Tuesday that analysts interpreted as less dovish than expected, along with fresh hopes for progress on U.S.-China trade talks.

Also, optimistic comments by U.S. Treasury Secretary Steven Mnuchin early Wednesday regarding the U.S.-China trade dispute shifted investor attention back towards equity markets “but in my opinion, that is a wait and see catalyst,” said Wright. “We have experienced too many start and stop moments to have faith a deal is imminent.”

August gold settled at $1,415.40 an ounce, down $3.30, or 0.2%. The metal finished at $1,418.70 Tuesday, the highest finish for a most-active contract since Aug. 28, 2013, according to FactSet data. On Tuesday, the contract touched its highest intraday climb since May 2013 at $1,442.90 before pulling back.

Source : MarketWatch