Spot Gold Prices Fall on Bernanke

Spot gold prices are falling Wednesday afternoon as investors seek direction from Fed chairman Ben Bernanke.

Author:: Andrea Tse
Publish date:: Jul 21, 2010 4:38 PM EDT

NEW YORK (TheStreet) -- Spot gold prices were falling Wednesday afternoon as investors looked to divine direction from Fed Chairman Ben Bernanke's testimony to the Senate Banking Committee.

Bernanke indicated that the jobs recovery would be slow and that the economic outlook remains unusually uncertain.

New York spot gold prices were falling $5.70, or 0.5%, to $1,186.50 an ounce Wednesday afternoon.

New York spot silver prices were losing 8 cents, or 0.5%, to $17.78 an ounce.

New York spot platinum prices, meanwhile, were down $2, or 0.1%, to $1,513 an ounce, while its sister metal was losing traction.


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New York spot palladium prices were down $3, or 0.7%, at $448 an ounce.

Mining stocks and exchange-traded funds were trading in mixed territory Wednesday afternoon. Mining stocks offer another form of exposure to precious metals.

Stillwater Mining

(SWC)

had fallen 1.6% to $12.92, while

Freeport-McMoRan Copper & Gold

(FCX) - Get Report

was rising 3% to $66.26.

ETFS Physical Platinum Shares

(PPLT) - Get Report

was up 0.3% to $151.91, while

iShares Silver Trust

(SLV) - Get Report

edged down 0.1% to $17.31.