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News Summary: Gold sinks as hopes for stimulus ebb

The Associated Press

GOLD SLIDES: The price of gold for August delivery fell $46, it biggest drop since early April, to settle at $1,588 an ounce.

BLAME BEN: Gold fell after Federal Reserve Chairman Ben Bernanke gave no indication that the central bank would take immediate action to stimulate the economy. Traders had been bidding up gold on hopes that the Fed might extend its bond-buying program. That would have likely weakened the dollar, which tends to push up the price of gold.

GRAINS GAIN: Wheat jumped nearly 3 percent to $6.4175 a bushel, soybeans rose or 3 percent to $14.28 a bushel and corn rose 1.3 percent to $5.94 a bushel.