December gold prices fall more than 1% as gap with spot market narrows

- The gold market is seeing some significant weakness Tuesday as December futures contacts move closer in line with spot prices.

Jim Wyckoff, senior technical analyst at Kitco.com, noted that the spread between prices is"unusually wide." However, he added that some traders are now adjusting their positions as expectations start to shift following stronger-than-expected U.S. economic data. Stanley also said that he is still quoting August futures as expiration has just started. He pointed out that gold prices are holding crucial support above $1,942.

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