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Gold Prices Fall, Investors Await Jackson Hole

Stocks in this article: GG EGO ABX AUY KGC

TAMPA, Fla. ( TheStreet) -- Gold prices were falling Tuesday as investors waited to see if the Jackson Hold summit at the end of the week would produce any stimulus from the Federal Reserve.

Gold for December delivery was down $9 to $1,666.60 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,669 and as low as $1,659.10 an ounce, while the spot price was gaining $1.50, according to Kitco's gold index.

"The move higher in gold in the past couple of weeks has been very strong and impressive, and reminds one of the moves gold made in years like 2010 when it gained 28%," said Chuck Butler, president of EverBank world markets.

Silver prices for September delivery were dipping 17 cents to $30.88 an ounce, while the U.S. dollar index was down 0.29% to $81.41.

Central bankers meet Friday and Saturday in Jackson Hole, Wyo., to discuss monetary policy. Last week's Federal Open Market Committee minutes revealed growing support for a new round of quantitative easing, but said the committee would wait until September to consider action.

The European Central Bank is expected next week to announce it first minutes in more than a month. German Chancellor Angela Merkel's promise to aid Greece -- so long as it adheres to strict lending guidelines -- and ECB President Mario Draghi's pledge to do whatever it takes to hold the eurozone together have left gold traders optimistic that easing from the ECB could be a possibility next week.

-- Written by Joe Deaux in Tampa, Fla.

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