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NEW YORK (AP) - Comments on inflation from Federal Reserve Chief Ben Bernanke and a more conciliatory tone from Iran on its nuclear program combined to send gold and other precious metals sharply lower in New York Tuesday, traders and analysts said.
August gold lost $14 to $634.70 an ounce on the New York Mercantile Exchange. July silver lost 45 cents to $11.845 an ounce.
"The market is finally listening to what the Fed governors are saying — that interest rates are going to go higher," said Leonard Kaplan, president of Prospector Asset Management.
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