Gold Prices Give Up Gains (Update 1)
Updated from 9:31 a.m. EDT with settlement prices and mining stocks
Gold for December delivery slipped $1.20 to settle $1,733.70 an ounce at the Comex division of the New York Mercantile Exchange. The
The yellow metal posted early morning gains after Germany revealed it would commit to aiding the eurozone. But a recent rally in gold, coupled with the Federal Reserve's meeting announcement to come Thursday, reversed the rise."Certainly the German decision has helped underpin risk sentiment," said James Moore, an analyst at FastMarkets.com. "The moves that we've seen today are in reaction to the German news and the fact that German politicians are not going to stand in the way of the ESM in providing stability to the eurozone." "The market feels like it will be swung around on fresh news items but mostly will experience some consolidation of recent gains," George Gero, precious metals strategist at RBC Capital Markets, wrote in a Wednesday afternoon note.
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