Bloomberg LOS ANGELES (MarketWatch) — Gold prices inched fractionally lower on Wednesday, getting back on track after Janet Yellen's dovish testimony sapped any chance for gains.
At last check, gold for August delivery (GCQ4) (GCQ4) was basically flat at around $1,298 an ounce. September silver (SIU4) gave up 8 cents to $20.81 an ounce.
A day earlier, gold prices reversed course and ended up losing ground for a third-straight session. This after the biggest drop of the year befell them to start the week.
Along with Janet Yellen, the mortgage purchase applications index and the producer price index hit early with the industrial production and capacity utilization numbers and the NAHB homebuilder survey at little bit later. The Federal Reserve Beige Book hits at 2:00 p.m. Eastern.
Walter de Wet, commodities strategist at Standard Bank, says gold seems a bit toppy, despite the fact that it has let off some steam in recent sessions.
"While some of the new speculative longs in the market may be justified based on (largely unpredictable) political tension in e.g. the Middle East and Eastern Europe, we believe that these longs won't stick because the fundamental drivers are lacking," he said.
Elsewhere in metals trading, October platinum (PLV4) rose $1.20 to $1,486.20 an ounce, while September palladium (PAU4) tacked on 70 cents to $869.25 an ounce. High-grade copper for September delivery (HGU4) continued to hold tight at $3.24 a pound.
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