Gold futures settle slightly lower a day after posting a gain

Gold futures edged lower on Thursday, giving back a small portion of the 2.1% gain prices saw a day earlier. Given that U.S. monetary tightening is not complete and that the Federal Open Market Committee is poised to raise the policy rates by a further this year, "we see gold prices continuing to correct lower," said analysts at ICICI Bank. They expect gold prices to move down to the $1,600 level by December. Gold for December delivery fell $1.40, or nearly 0.1%, to settle at $1,668.60 an ounce on Comex.

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