Kitco: Gold Ends Down, at 3-Week Low, Drops Below Key $1,300 Level

Amid the latest comments from the Fed, Gold Bulls rue the day, while gold bears seek to pile on the gloom. Fed Chair Janet Yellen's semi-annual testimony proves to be a risk event for gold.  But haven't we seen this movie before?... 

Source: Kitco

Gold could not hold its modest early price gains and finished the U.S. day session moderately lower and hit a three-week low. A firmer U.S. dollar and Nymex crude oil futures dropping to a two-month low, below $100 a barrel, were bearish "outside markets" Tuesday that helped to pressure gold. Technical selling, including sell stops hit when prices dropped below the key $1,300 level, also added to downside price pressure on gold. August Comex gold was last down $9.30 at $1,297.40 an ounce. Spot gold was last quoted down $10.20 at $1,297.00. December Comex silver last traded down $0.034 at $20.94 an ounce.

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