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Gold Prices Dip Despite Obama Election, ECB's Draghi

Stocks in this article: GOLD NG ABX KGC GLD

"The threat of Bernanke being replaced and a less-accommodative monetary policy being introduced is removed; assuming the Republicans retain control of the House, then the stalemate in Washington remains, and the threat of the 'fiscal cliff,'" said Adrian Day, president of Adrian Day Asset Management.

But Tim Harvey, senior vice president at ETF Securities U.S., was quick to point out that political events in the United States are not at the center of the gold market universe.

"The U.S. is very important to the gold market, however the gold market is dominated by the Indians and Chinese, so actually the U.S. election is a gold story, but not necessary the whole story," said Harvey.

Gold mining stocks were mixed Wednesday. Shares of Randgold Resources (GOLD) were shedding 6.6%, as shares of NovaGold Resources were slumping 2.9%.

Among mining stock volume leaders, Kinross Gold (KGC) was effectively flat, but Barrick Gold (ABX) was up 0.39%.

Gold ETF SPDR Gold Trust (GLD) was down 0.11%.

-- Written by Joe Deaux in New York.

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