Gold prices dip as remarks from Treasury Secretary Geithner spur buying on Wall Street

Gold prices dip as stocks move higher

NEW YORK — Gold prices are slightly lower as stocks gain ground. Oil prices are flat, while grain prices are up.

Gold has largely been at the mercy of Wall Street in recent weeks, falling as stocks rise, and inching higher whenever the market stumbles.

Encouraging words from Treasury Secretary Timothy Geithner have given investors reason to buy up stocks after a big drop the previous day.

Geithner says “the vast majority” of banks have more capital than they need. Investors have been particularly concerned about the health of the financial system on which they pin hopes for an economic recovery.

Gold for June delivery is down $4.80 to $882.70 an ounce on the New York Mercantile Exchange.