Gold futures declined on Wednesday to settle back below $2,000 an ounce. Worries about the U.S. debt ceiling debate and weak regional bank earnings failed to provide enough support to keep prices for the precious metal above that key level. “Gold is destined for record price highs,” said Peter Spina, president of GoldSeek.com. “It is just a question of the path it will take.” The short term is “a difficult call, but pullbacks are gifts,” he said. Gold for June delivery GCM23 fell $8.50, or 0.4%, to settle at $1,996 an ounce on Comex, after touching an intraday high of $2,020.20.
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