Gold Overcomes Greenback's Rise

In the precious metals patch, stalwarts Newmont Mining(NEM Quote) and Barrick Gold(ABX Quote) were rallying 0.7% and 0.3%, respectively.

Turning to base metals, March copper closed 7 cents higher at $2.52 a pound on the Comex.

As for the ferrous metals, U.S. Steel(X Quote) got downgraded at two different firms. Banc of America Securities ratcheted down its rating on the stock to neutral from buy, while CIBC pushed its recommendation lower to sector perform from sector outperform.

U.S. Steel shares were off 4% recently, and the Market Vectors Steel ETF(SLX Quote) was down about 1.6%.

"I think the steel stocks could go lower," says Sam Halpert, senior analyst at investment management company Van Eck Global in New York. "Most of the upside in steel prices has already been factored in."