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AngloGold Ashanti (AU) Stock Falls on Lower Gold Prices

NEW YORK (TheStreet) -- Shares of AngloGold Ashanti (AU - Get Report) were falling 6.6% to $7.89 with heavy trading volume on Wednesday as gold prices declined due to strength in the dollar.

Gold futures for December delivery were down 0.57% to $1,107.70 an ounce on the Comex Wednesday afternoon.

Prices of the yellow metal fell after comments from Federal Reserve Chairwoman Janet Yellen helped strengthen the dollar, according to Market Watch. During her testimony before the House Financial Services Committee, Yellen said the Fed's December meeting is still a "live meeting" for an interest rate increase.

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"With only six weeks to go, the focus will be very much on incoming U.S. data in order to decipher what the FOMC intend to do on Dec. 16," Saxo Bank analyst Ole Hansen told Bloomberg. "I could see the market movements slow down as traders now look for further guidance."

Gold performs better in low interest rate environments as it does not bear a yield.

About 5.6 million shares of AngloGold...