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Gold Prices Dip as Euro Strengthens

NEW YORK ( TheStreet) -- Gold prices were dipping Tuesday as the euro strengthened against the U.S. dollar.

Gold for December delivery was falling $5.20 to $1,778.10 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,786.60 and as low as $1,772.30 an ounce. The spot price was adding $5.40, according to Kitco's gold index.

Spanish Economic Minister Luis de Guindos said Tuesday that the country would continue to consider whether it would pursue a bailout.

"There's nothing on the docket that would give the Spanish PM an opportunity to formally ask for help, so maybe not today. The euro has not let those rumors get in the way of adding to its gains, albeit minimum gains, versus the dollar," Chuck Butler, president of world markets at EverBank, wrote in a Tuesday note.

Silver prices for December delivery were shedding 17 cents to $34.95 an ounce, while the U.S. dollar index was falling 0.28% to $79.59.

The euro was rising to $1.2942 after settling late Monday at $1.2888.

The Reserve Bank of Australia cut interest rates Tuesday to counteract a dip in commodity prices that have come on the heels of continued slowdown in China.

Gold mining stocks were mixed Tuesday. Shares of AngloGold Ashanti (AU - Get Report) were off 2.6%, while shares of NovaGold Resources (NG) were losing 1.9%.

Among other mining stocks, Kinross Gold (KGC - Get Report) was up 1.6%, and Yamana Gold (AUY - Get Report) was falling 1%.

Gold ETF SPDR Gold Trust (GLD) was adding 0.08%.

-- Written by Joe Deaux in New York.

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GLD $123.17 -0.06%
AUY $4.54 -3.60%
AU $15.55 -3.00%
KGC $5.44 -3.50%
NG $6.22 -2.20%


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