Gold for April delivery shed $1.50 to settle at $1,774.90 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,781 and as low as $1,762.60 an ounce while the spot price was falling $5, according to Kitco's gold index.
Equities bounced off morning lows after pending home sales data from the National Association of Realtors approached a two-year high in January, with a climb of 2% last month. Sales were expected to have risen 1% in January, according to Thomson Reuters, following a 3.5% drop in December. The report said that the group is expecting price stabilization and possible price growth this year."Overall, the direction of the various revisions, along with the January estimate, point to a choppy, though steadily improving trend," said economists at Barclays Capital Research. "As pending home sales progress, existing home sales tend to follow with a month or two lag, which suggests the modest improvement in the housing market is likely to continue." "It is clear that gold is facing a number of potential negatives," said a report from RJ O'brien. "In addition to adverse currency market action, the markets are somewhat fearful of global slowing off ultra high oil prices."
George Gero, senior vice president with RBC Wealth Management, believes that gold prices will still find the momentum to reach $1,800 by June. "Reluctance of G20 action
>To contact the writer of this article, click here: Ross Tucker. >To follow the writer on Twitter, go to http://twitter.com/rosstucker. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV