Gold Price Tumbles From 2-year Highs

New York (July 12)  Gold futures fell sharply Tuesday as rising stocks and economic optimism dented safe haven demand for the precious metal.

Silver futures also slumped after touching 2-year highs.

At last check, gold was down USD22 at USD1334 an ounce. Silver lost 9 cents to USD20.21 an ounce.

US inventories of wholesale goods saw a modest uptick in the month of May, according to a report released by the Commerce Department on Tuesday.

The report said wholesale inventories inched up by 0.1% in May following an upwardly revised 0.7% advance in April.

Source: AllianceNews