MW: Gold prices retreat further under $1,800 an ounce
By Kate Gibson
NEW YORK (MarketWatch) -- Gold on Tuesday slid under $1,180 an ounce, continuing a decline that had the metal falling to two-month lows the prior session. The market is cautious ahead of Federal Reserve Chairman Ben Bernanke's testimony before Congress on Wednesday and European Union bank stress tests on Friday, analysts said. "Dips continue to draw bargain-hunting interest, however the real test will be if gold can hold the May 21st low of $1,166" an ounce, said James Moore, an analyst at Thebulliondesk.com in the U.K. Gold futures for August delivery were off $4.40 an ounce in electronic trade on the Comex division of the New York Mercantile Exchange.
