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Gold Prices Fall on Europe's Inaction (Update 1)

With few major economic data points expected to report ahead of November, it appears that many investors have eyed Election Day in the U.S. as the next major turning point for gold prices. Republican nominee Mitt Romney, who is polling competitively in national polls and in major battleground states, has said he would remove Fed Chairman Ben Bernanke if he won the presidency. Such a move would leave doubts as to how long the newly implemented quantitative easing program would remain in effect. A report has suggested, though, that the open-ended program approved by the Fed was brokered by Bernanke with the possibility in mind that the plan would outlast him. In other words, the chairman worked to get a majority of Fed presidents firmly in agreement with the latest quantitative easing measure so that a new Fed leader would continue to carry on the policies.

Gold mining stocks were mostly lower Thursday. Shares of AngloGold Ashanti (AU - Get Report) were losing 6.1%, while shares of Gold Fields (GFI - Get Report) were off 4.2%.

Among other mining stocks, Barrick Gold (ABX - Get Report) was decreasing 1.9%, and Kinross Gold (KGC) was down 1.6%.

Gold ETF SPDR Gold Trust (GLD) was giving up 0.32%.

-- Written by Joe Deaux in New York.

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GLD $121.29 1.89%
ABX $17.55 5.70%
AU $15.49 6.61%
GFI $4.38 7.60%
GG $18.96 6.10%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

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