"Yes, gold prices may be declining at the moment because we don't have any particular catalyst to drive them forward at the moment; however, the same sort of fundamental picture exists: high debt, money printing around the world from reserve currencies which is leading to the prospects for inflation down the pipe," Rhind said in an interview.

Silver prices for May delivery were down 30 cents to $27.58 an ounce, while the U.S. dollar index was up incrementally at $82.40.

Gold mining stocks were mostly lower on Wednesday. Shares of Barrick Gold ( ABX) were dropping 5.9%, and shares of Eldorado Gold ( EGO) were sliding 4.1%

Gold ETF SPDR Gold Trust ( GLD) was slipping 1% to $151.79 a share, while iShares Gold Trust ( IAU) was off 0.97% to $15.25 a share.

-- Written by Joe Deaux in New York.

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