NEW YORK (
Gold for December delivery lost $3.20 to $1,711.80 an ounce at the Comex division of the New York Mercantile Exchange. The
Gold hit 24-hour highs early Wednesday after Mitt Romney conceded the election, but gradually sank lower until European Central Bank President Mario Draghi said that the ECB's new bond-buying program would allow for unlimited interventions in government bond markets.
"But we have to understand how markets work. Our actions have to send a clear signal to markets that their fears about the euro area are baseless," Draghi said Wednesday in prepared remarks."Election now over and attention to basics and other problems like economic recovery will resume," George Gero, precious metals analyst at RBC Wealth Management, wrote in a note. "Good for gold as a continuing haven and a return to basics and Euro Zone problems after Draghi spoke brought new buyers to gold."
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