This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Gold Rises Amid Dollar Weakness (Update 1)

Stocks in this article: AEM NEM ABX GOLD AUY

Updated from 10:13 a.m. EDT with settlement prices

NEW YORK ( TheStreet) -- Gold prices enjoyed a modest advance Monday, helped higher as the U.S. dollar retreated slightly against the euro.

Gold for December delivery gained $6.90 to settle at $1,616.20 at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,618.40 and as low as $1,605.30 an ounce, while the spot price was rising $9.60, according to Kitco's gold index.

"The market is kind of stuck in a wait and see pattern, we don't really have any economic data coming out for the next few days, so I mean gold prices are just range bound," said Phil Streible, senior commodities broker at RJO Futures. "They're probably going to look and see if the euro currency continues as the dollar weakens."

Silver prices for September delivery dipped 6 cents to $27.86 an ounce, while the U.S. dollar index was falling 0.06% at $82.26.

After getting mixed signals last week on the potential for additional stimulus from the world's central banks, gold traders may have to wait until late August or September before another meaningful event offers a substantive catalyst for the precious metal.

The Fed doesn't hold its next policy meeting until September, and many gold investors have said August looks set up to be a slow action, low volume month as many investors in the United States and Europe head for summer vacations.

Gold mining stocks were mostly higher Monday. Shares of Agnico-Eagle Mines (AEM) were climbing $3.6%, while Newmont Mining (NEM) was up 4%.

Among other mining stocks, Barrick Gold (ABX), Randgold Resources (GOLD) and Yamana Gold (AUY) were all up more than 2%

-- Written by Joe Deaux in New York.

>Contact by Email.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs