SILVER

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.

Precious metals fell in early U.S. trading Tuesday, along with Treasuries, as investors appeared set to return to riskier assets like stocks.

Latin American precious metals miner Hochschild Mining posted its highest-ever first-half profit, driven mainly by strong gold and silver prices, and said it was on track to meet its full-year production target.

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 Shanghai Gold Exchange said on Tuesday that it will raise trading margins on three gold spot-deferred contracts to 12 percent from 11 percent from Aug. 26 to limit trading risks following recent wild price swings.

The Sunset Junction Music Festival & Street Fair, an annual Los Angeles event that has grown to be one of the city's biggest and best-known music festivals, is in jeopardy after the L.A. Board of Public Works voted to deny festival organizers the permits they need to stage this weekend's festival.

Spot gold soared to an all-time high above $1,910 on Tuesday, on course for its biggest monthly rise in 29 years, as persistent worries about global economic growth burnished bullion's safe-haven appeal.

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.

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.

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.

Canada-based Silvercorp Metals Inc. said Monday it is buying a controlling share of Zhongxing Mining Co. Ltd. and Chuanxin Mining Co. Ltd. for $10.4 million.

Silver company shares led mining stocks higher Monday with many of the major companies posting gains between 5 percent and 7 percent.

Since Lovato's comeback, fans and fellow celebrities have been nothing short of impressed at her maturity, compure, and honesty when speaking of her past issues.Amazing when people put themselves into their art completely, Pete Wentz said. The new song Skyscraper by @ddlovato is pure perfection, Katy Perry tweeted. Her voice is one of the BEST undiscovered beauties. Can't wait for the full record.

Silver is set to sling-shot higher as it plays catchup to gold, creating big opportunities for investors, according to silver bulls.

Canadian miner Silvercorp Metals Inc said its majority unit agreed to buy a 90 percent stake in two Chinese mining companies for $4.3 million in cash.

Silver jumped early Monday by nearly 2 percent in what investors in the white metal hope will be the start of a rally that may resemble what gold has been experiencing.

The price of gold early Monday came within $2 of a record high $1,900 per ounce before settling back to 1.2 percent gain over Friday's closing price as a host of global economic worries drove investors into the security of the world's oldest form of money.

HP is pulling the plug on its TouchPad tablet after just over a month of existence, devastating the hopes of many for a viable iPad competitor, but there is a silver lining in the untimely demise.

Chris Drury retired from the National Hockey League (NHL) on Friday after a 12-season career where he earned a reputation as a solid two-way player and won a Stanley Cup championship.