Gold Prices Slip as Dollar Inches Higher (Update1)

NEW YORK (TheStreet) -- Gold prices dipped Wednesday as the U.S. dollar strengthened.

Gold for April delivery lost $4.50 to settle $1,645.10 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,655 and as low as $1,640.70 an ounce, while the spot price was shedding $8.70, according to Kitco's gold index.

"Yes, $1,650 an ounce seems to be this line in the sand that we're staying around," said Phil Streible, senior commodities broker at RJO Futures. "We can't get too far from it, can't get to far above it, so I think that's a range we're probably going to play a little bit."

Many investors who have tracked the yellow metal for the past few months know there has been a lack of significant catalysts to boost or sink gold prices.

Silver may be a precious metal for traders to watch as gold remains in a latent range.

Silver prices for March delivery lost 15 cents to close at $30.87 an ounce, while the U.S. dollar index was increasing 0.04% to $80.08.

"Silver is an interesting metal because it has some of the store of value, sort of the money attributes of gold -- the defensive qualities, one might say -- but it also has the more industrial qualities of, say, a platinum or palladium or other industrial metals," said Will Rhind, managing director at ETF Securities U.S., in an interview.

Silver's industrial appeal has benefited the metal as better economic data has continued to emerge from the United States and China.

Platinum prices for April delivery rose $12.50 to $1,729.70 an ounce on Wednesday as the white metal continued to benefit from supply constraints in South Africa, and improved automotive demand.

Gold-mining stocks were mostly lower. Shares of Barrick Gold (ABX) lost 2.8%, while Eldorado Gold (NG) slipped 3.1%