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Gold and silver prices plunged Wednesday as a strengthening stock market and hope that the U.S. central bank will take steps to boost the American economy dimmed the appeal of precious metals as a safe haven.

Gold prices dropped sharply Wednesday after a strong U.S. durable goods report, profit-taking by investors and encouraging news from the Congressional Budget Office about the deficit.

South Africa's Harmony Gold Mining Co , the world's fifth-largest gold producer, said on Wednesday output for its 2012 financial year should rise to between 1.45 million ounces and 1.55 million from around 1.3 million in 2011.

Hewlett-Packard Co has filed a case in a U.S. court against AU Optronics, saying the Taiwanese company conspired to fix the prices of thin film liquid crystal display panels, court documents showed.

U.S. tech giant Hewlett-Packard Co has filed a case against AU Optronics, saying the Taiwanese company conspired to fix the prices of thin film liquid crystal display panels, court documents show.

Several major banks cut sharply their oil price forecasts on Tuesday, with Citigroup saying that even if the United States printed more money, oil would stay depressed by weak economic growth and fresh supplies from Libya.

Gold closed down 1.6 percent as investors ignored mixed economic news to take profits from recent gains and to put their confidence in the head of the U.S. central bank whom they hope will use a speech later this week to signal support for the ailing American economy.

Gold dropped 2.4 percent on Tuesday from the record $1,917.90 it achieve the day before as investors moved out of safe-haven assets like precious metals and U.S. Treasuries for stocks and other riskier assets.

Gold prices retreated more than 1 percent from record highs on Tuesday as a recovery in appetite for assets seen as higher risk, such as stocks, took the steam out of a rally that many saw as overdone above $1,900 an ounce.

Spot gold soared to an all-time high above $1,910 on Tuesday, scoring a record top for a fourth consecutive session, as persistent worries about global economic growth burnished bullion's safe-haven appeal.

Pawnbroker H&T Group Plc said it expected full-year results to be above the top end of current market expectations, driven mainly by surging gold prices that boosted its first-half pretax profit.

Gold prices retreated more than 1 percent from record highs on Tuesday as a recovery in appetite for assets seen as higher risk, such as stocks, took the steam out of a rally that many saw as overdone above $1,900 an ounce.

The bubble in mobile phone technology patent values may just have popped.

The price of gold ripped past $1,900 per ounce Monday, boosted by fears of enough wealth-destroying developments to erase any doubts that the world's oldest safe-haven investment is still the world's No. 1 safe-haven investment.

Best Buy reportedly had 270,000 units in its inventory.

Gold set a new record Monday as investors fled stocks, weakening currencies and U.S. Treasuries for the safety of gold and gold-related assets.

The bubble in mobile phone technology patent values may just have popped.

Gold rallied almost 2 percent to a record near $1,900 an ounce on Monday as a sputtering global economy boosted expectations for further monetary easing, raising bullion's appeal as a hedge against inflation.

The price of gold shot up to a record high Monday as traders abandoned other safe haven investments -- the ones governments can control -- for the world's oldest and most independent form of wealth.

Miners helped Britain's bruised FTSE 100 stage a recovery on Monday, with Randgold Resources boosted by bullish gold prices and broker comment, and Anglo American up as it considered a bid for Australia's Macarthur Coal.

Gold prices rallied toward $1,900 an ounce on Monday as concerns over the global economic outlook fueled interest in the precious metal as a haven from risk and due to talk that weak U.S. growth could spark a further round of monetary easing.