Gold Slides as the Dollar Lifts

Elsewhere, new data shows demand for gold slipped to 816.9 tons in the third quarter, down about 3% vs. the same period a year ago, according to provisional figures from The World Gold Council. In particular, gold buying by ETFs fell 49% to 19.2 tons, while jewelry demand also dropped to 592.1 tons, off 4%.

Among the miners, the Amex Gold Bugs Index was lifting about 0.4% in recent trading, but shares of Goldcorp(GG) were off 0.3% after the company reported disappointing third-quarter earnings of 14 cents a share. The company earned 17 cents a share in the same period a year before.

Shares of industry stalwart Newmont Mining(NEM) were gaining about 1.9% lately.

In base metals, Comex December copper contracts closed up 0.55 cents at $3.0945 a pound, reversing earlier losses.

Shares of diversified miners BHP(BHP) and Rio Tinto(RTP) were also losing, lower by 0.7% and 0.2%, respectively.

In ferrous metals, Matrix Research upgraded U.S. Steel(X) to a strong buy rating from a buy.

Elsewhere chart watchers are predicting a move to $80 for U.S. Steel shares which were trading around $68 recently, up 1.2%.

"The stock is above its upward sloping moving averages and momentum is improving and not close to overbought," says John Roque, a technical analyst at Natexis Bleichroeder.

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