Gold for December delivery was rising $2.50 to $1,618.70 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,621.30 and as low as $1,611.70 an ounce, while the spot price was down 70 cents, according to Kitco's gold index.
"It's kind of like the markets have taken a breather, and they're waiting to see what the two central banks -- the Federal Reserve and the European Central Bank -- are going to do," said Chuck Butler, president of world markets at EverBank. "I think the markets are really just waiting for that to happen to see where they go from there."Silver prices for September delivery managed to crest $28 as the precious metal was up 19 cents at $28.05 an ounce, while the U.S. dollar index was falling 0.18% to $82.13. The Federal Reserve won't release another month of its Federal Open Market Committee minutes until Aug. 22, and the ECB will wait until Sept. 6 to release any new policy statements. For gold investors that have favored a fresh round of quantitative easing, Boston Fed President Eric Rosengren emerged Tuesday in an interview with The Wall Street Journal to push the Fed for an aggressive, open-ended bond-buying program in response to a weakening economy. The Fed has balked at the opportunity to implement easing efforts, or QE3. The Fed's last round of stimulus, QE2, came in 2010 and ended in June 2011. The euro was gaining against the dollar to $1.243, which was up slightly from the prior day's $1.24. EverBank's Butler said gold's craning over $1,600 an ounce and the euro holding steadily above $1.24 suggested that markets aren't interested in forcing the euro lower. This also suggests, Butler said, that markets are taking a breather. Gold mining stocks were mostly higher at the open Tuesday. Eldorado Gold (EGO) was one of the biggest gainers, up 2.6%, while Randgold Resources (GOLD) was gaining 1.8%. Among other mining stocks, Kinross Gold (KGC), Barrick Gold (ABX) and Goldcorp (GG) were up nearly 1%. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
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