Gold retreats from all-time highs
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Gold futures on the COMEX Division of the New York Mercantile Exchange ended much lower on Wednesday, as Federal Reserve Chairman Ben Bernanke's positive comments on U. S. economy dented risk aversion, and sapped safe-haven buying. Silver dipped and platinum extended gains.
The most active gold contract for August delivery dropped 15.7 U.S. dollars, or 1.3 percent, to finish at 1,229.9 dollars.
Bernanke said on Wednesday that debt problems in Europe might only have a "modest" impact on the U.S. economy if the financial markets could halt their slide. Bernanke's cautious optimism raised investors' hopes for the U.S. economic recovery, and boosted demand for riskier assets such as stocks. Euro also turned higher against dollar as Bernanke's remarks reassured investors Europe was addressing its fiscal ills.
Gold fell from its record on Wednesday, as investors with a greater willingness to take risks for higher returns dumped gold to lock in profits and came back to equity markets.
July silver dipped 28.8 cents, or 1.6 percent, to settle at 18. 189 dollars per ounce, July platinum rose 5.2 dollars, or 0.3 percent, to settle at 1,534.0 dollars per ounce.
