Wall Street finished deeply in the red once more

U.S. gold futures were falling about 0.3% at $1,222.0 per ounce while the popular spot gold fell about 0.2% lower to $1,221.20 per ounce.

On Tuesday gold went lower while trading in a tight area forward of a U.S. holiday. The popular yellow metal continued over the 1,219 area while the greenback remained constrained by soft U.S. economic data and a much clouded interest rate expectation. Peter Fung, head of dealing at Wing Fung said "The market is very quiet today and appears to be in a holiday mood ahead of the U.S. Thanksgiving." "The dollar has come under some pressure giving some support to gold."

On Tuesday oil markets lost momentum and gave back their initial profits, while a falling economic forecast and a surge in U.S. production exceeded the anticipated supply cuts by the OPEC.

Brent crude oil futures, the global benchmark for oil rates, were at about $66.54 a barrel and that translates to a decline of about 24 cents, or 0.4% from their last close. Oil prices are now about a quarter under their recent tips last month, pulled downward by rising supply, particularly from the United States.