Gold Prices Down july 20 2011, after President Obama hinted that a deficit reduction plan ; The gold price slid $4.22 to $1,584.27 per ounce Wednesday morning, following yesterday’s 1% decline. The price of gold hovered near unchanged on thin volume this morning after tumbling $16.36 to $1,588.49 per ounce on Tuesday – ending its eleven session winning streak. Gold prices surged to new all-time highs of $1,610.70, but turned sharply lower following reports that President Obama and congressional Republicans were close to a resolution that would allow the U.S. to meet its August 2 debt ceiling deadline. The gold price later reached an intra-day low of $1,582.70, but modestly pared its losses into the close.
Gold (-GC) for August delivery was paring those after-hours losses Wednesday, but still slipping $5.30 to $1,595.80 an ounce at the Comex division of the New York Mercantile Exchange. The yellow bullion has reached as high as $1,598.1 an ounce in today’s session and $1,581.10 on the lower end. Meanwhile, the spot gold price was adding $6.40, according to Kitco's gold index.
Silver (-SI) was in a similar downward trend, with prices falling 81 cents, or roughly 2%, to $39.42 an ounce on Wednesday. The euro was gaining 0.3% against the greenback and the U.S. dollar index was slipping by 0.4% to $74.87.
Gold mining stocks were mostly higher Wednesday. Kinross Gold (KGC) was gaining 0.6% to $17.54, while Yamana Gold (AUY) was rallying 1.6% to $13.10. Newmont Mining (NEM) was adding 0.5% at $58.01, and Eldorado Gold (EGO) was down 0.3% to $18.12.
Among silver stocks, Silver Standard Resources (SSRI) was gaining 1.7% to 29.43, and Silver Wheaton (SLW) was climbing 1.6% to $39.09.
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