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Gold Prices Stall as Investors Await ECB Meeting

NEW YORK (TheStreet) -- Gold prices were slightly lower Wednesday as investors waited to see what the European Central Bank would do on Thursday.

Gold for December delivery was dipping $2.50 to $1,693.50 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as 1,698.40 and as low as $1,689.60 an ounce, while the spot price was down $2.10, according to Kitco's gold index.

Jon Nadler, senior analyst at Kitco Metals, in a note Wednesday questioned the guarantee that actions by the ECB and the Federal Reserve would result in inflation or the end of a currency.

"From the looks of it, the euro is quasi-terminal without the ECB 'helping' it along ... and there is a school of thought that sees a potential QE as actually dollar-beneficial this time around," said Nadler.

Silver prices for December delivery were sinking 11 cents to $32.30 an ounce, while the U.S. dollar index was down 0.18% to $81.19.

European central bankers convene Thursday as traders are looking for some hint from the institution about monetary easing and its aiding of Greece, Italy, Spain and other struggling nations.

The Fed bumped gold prices into a higher range last Friday after Fed Chairman Ben Bernanke strongly suggested easing possibilities. The Fed meets again later this month.

The United States monthly employment report comes out Friday, as investors will also look to the number as a barometer of strength in the labor market. Bernanke repeatedly has said that he would keep an eye on unemployment weakness when determining the need for more quantitative easing.

For now, though, it looks like $1,700 an ounce could be the upper range of resistance for gold as investors await more global data.

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