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Gold Prices Fall on Bernanke Fiscal Cliff Warnings (Update 1)

Though the yellow metal may be lower Thursday, many analysts see the Fed's latest purchasing program announcement as a positive long-term move for gold, as the central bank expanding its balance sheet can be viewed as inflationary policy. Investors see gold as a hedge against inflation.

Silver prices for March delivery plummeted $1.43 to close at $32.36 an ounce, while the U.S. dollar index was adding 0.05% to $79.93.

Gold mining stocks were mostly lower Thursday. Shares of Randgold Resources (GOLD - Get Report) were dipping 3.7%, and shares of Newmont Mining (NEM - Get Report) were decreasing 3.5%.

Among volume leaders, Yamana Gold (AUY - Get Report) was off 2.8%, and Barrick Gold (ABX) was losing 2.5%

Gold ETF SPDR Gold Trust (GLD) was ticking down 0.97%, while iShares Gold Trust (IAU) was shedding about 1%.

-- Written by Joe Deaux in New York.

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SYM TRADE IT LAST %CHG
IAU $11.64 2.10%
GLD $115.42 2.10%
AUY $3.98 3.80%
GOLD $74.86 0.42%
NEM $25.88 3.60%

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