Gold for April delivery was falling $1.20 at $1,757.30 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,761.80 and as low as $1,750.70 an ounce while the spot price was down $5.90, according to Kitco's gold index.
"US-based bullion dealers we polled over the past week report 'quiet' conditions and only 'sporadic' telephone call and transaction volumes, with would-be buyers of gold and silver only making an appearance in the wake of substantial rallies and not really buying on the dips," said John Nadler, senior metals analyst with Kitco Metals. Nadler also noted a Reuters report suggesting that India -- the world's largest gold consumer -- could see gold imports fall as much as 35% this year as inflation eases and stocks rally. The Indian government expects gold imports to come in at $38 billion in 2012 compared with an estimated $58 billion this year. Gold mining stocks were trading mixed Wednesday. Kinross Gold (KGC) was down 0.7% at $11.28 while Randgold Resources (GOLD) was up 0.5% at $113.73. Agnico-Eagle (AEM) was gaining 1.4% at $37.06 and Eldorado Gold (EGO) was losing 0.4% at $14.34. -- Written by Ross Tucker in New York.
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