US gold prices slid from a 6 week high as U.S. wholesale prices dropped more than it expected
US gold prices slid from a six-week high as U.S. wholesale prices dropped more than it expected, reducing the appeal of the metal as a hedge against inflation.
Gold futures for August delivery fell $1.80, or 0.4 percent, to $429.30 an ounce on the Comex division of the New York Mercantile Exchange.
Prices yesterday closed at $431.10, the highest for a most-active contract since April 29. A futures contract is an obligation to sell or buy a commodity at a set price by a specific date.