Gold Dips To $299

Gold headed below $300 an ounce early on Wednesday in Europe as its ever-narrowing range of previous days gave way to softer prices. Gold fixed at $298.95 an ounce in the morning, down from Tuesday afternoon's $299.50 as both the market and technical charts had the metal heading for a significant price move. Gold was last at $299.10/$299.60, off the day's lows, versus its previous London close of $299.25/$299.75. Spot silver continued to trade with a five cent spread between bid and offer prices as against the more normal two cents, an indication of continuing supply tightness in the nearby market. The white metal was last at $7.10/$7.15 versus its previous London close of $7.07/$7.17.