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Gold Prices Sink on Global Economic Concerns (Update 1)

"The heads of business that are meeting ... have already been having to make plans and hold off on certain activities for next year already, because of the cliff, regardless of how it gets worked out," said Richard Weeks, a managing director at HighTower Advisors.

January crude oil contracts were tracking lower with gold as futures were shedding $1 to $86.18 a barrel.

Gold prices dipped on Tuesday after eurozone finance ministers finally reached a bailout agreement with Greece to help make that country's debt more manageable. Steps included cutting interest rates on bailout loans and extending the deadlines on loan repayments and Greek bond buybacks.

The news didn't excite investors as the euro declined Tuesday against the U.S. dollar. The euro continued its retreat against the greenback on Wednesday to $1.2932, down from the prior day's settlement at $1.2944.

Gold mining stocks were mixed Wednesday. Shares of NovaGold Resources (NG) were losing 2%, while shares of Randgold Resources (GOLD - Get Report) were popping 0.67%.

Among volume leaders, Barrick Gold (ABX) was ticking up 0.17%, but Goldcorp (GG - Get Report) was off 0.20%.

Gold ETFs SPDR Gold Trust (GLD) and iShares Gold Trust were off 1.5%.

-- Written by Joe Deaux in New York.

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SYM TRADE IT LAST %CHG
IAU $11.28 -2.76%
GLD $111.86 -2.73%
GOLD $69.25 -5.81%
GG $19.05 -7.93%
NG $3.26 -5.51%

Markets

DOW 17,856.78 -278.94 -1.54%
S&P 500 2,071.26 -29.78 -1.42%
NASDAQ 4,927.37 -55.4390 -1.11%

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