Gold for December delivery was adding $3.10 to $1,749.40 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,755 and as low as $1,744 an ounce, while the spot price was losing 70 cents, according to Kitco's gold index.
"Some minor positives from Germany relating to Spain and also their retention of investment grade for Spanish bonds helped gold somewhat," George Gero, precious metals strategist at RBC Wealth Management, wrote in a note.Silver prices for December delivery were rising 9 cents to $33.05 an ounce, while the U.S. dollar index was shedding 0.27% to $79.01. Investors continued to anticipate Spain eventually will ask for a bailout from the European Central Bank. Gold prices haven't traded with much enthusiasm since the Federal Reserve implemented a fresh round of open-ended, asset-backed mortgage securities purchases. The Fed's action moved investors to price in the possibility of future inflation, which pushed up the gold price to its highest levels in 2012. But with an impending U.S. election, inaction on the Spanish bailout and a pause in global central banking easing efforts, gold has lingered in a trading range with slight downside sentiment. Housing starts rose in September to a seasonally adjusted annual rate of 872,000, which was well above the 770,000 economists had expected. The continued strengthening in the housing market suggested a slow move toward improved economic growth, which would be a negative sign for open-ended quantitative easing -- the Fed has stated that it would end so-called QE3 after the labor market and economy had shown significant improvements and had held their gains. Gold mining stocks were mostly higher Wednesday. Shares of NovaGold Resources (NG) were increasing 2.8%, and shares of Randgold Resources (GOLD) were up 0.98%. Among other mining stocks, Eldorado Gold (EGO) was gaining 0.9%, while Newmont Mining (NEM) was losing 0.73%. Gold ETF SPDR Gold Trust (GLD) was climbing 0.12%. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
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
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
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
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 + 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