This Day On The Street
Continue to site
ADVERTISEMENT
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

Gold Prices Surrender Gains

NEW YORK ( TheStreet) -- Gold prices were slightly lower Friday as the yellow metal gave back small gains from the previous trading session.

Gold for December delivery was sinking $9 to $1,761.60 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,775 and as low as $1,760.50, while the spot price was shedding $6.50, according to Kitco's gold index.

"Consolidation after close to a gain from $1,550 to $1,800 level quickly after the announcement of QE3," said Jeb Handwerger, editor of GoldStockTrades.com.

Silver prices for December delivery were losing 35 cents to $33.73, while the U.S. dollar index was down 0.10% to $79.71.

Handwerger thinks investors may be waiting for more clarity in the presidential election before building new positions in the yellow metal.

Easing policies are unlikely to change significantly, even if Mitt Romney wins the election. The one wrench, of course, would be if Romney's pledge to remove Federal Reserve Chairman Ben Bernanke proved not to be a bluff. Even then, it's tough to assume a new chairman would reverse the open-ended securities purchasing program that a strong majority of central bankers agreed on.

Questions were also lingering Friday as to whether Spain would ask for a bailout, which has been a lingering issue for weeks.

Gold mining stocks were mostly lower Friday. Shares of NovaGold Resources (NG) were dropping 2.7%, while shares of Agnico-Eagle Mines (AEM - Get Report) were down 1.9%

Among other mining stocks, Barrick Gold (ABX - Get Report) was selling off 1.8%, and Kinross Gold (KGC - Get Report) was decreasing 1.1%.

Gold ETF iShares Gold Trust (IAU) was down 0.43%.

-- Written by Joe Deaux in New York.

>Contact by Email.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
IAU $11.64 -0.21%
AEM $32.61 -0.21%
ABX $12.30 -1.20%
KGC $2.38 -2.30%
NG $4.06 -0.37%

Markets

DOW 18,259.88 -25.86 -0.14%
S&P 500 2,131.02 +0.20 0.01%
NASDAQ 5,100.2350 +9.4410 0.19%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs