NEW YORK ( TheStreet) -- It's been one of the biggest financial stories of the year and, now, the holiday season: Gold.
Apart from the fake foil stuff that dangles from Christmas tree branches, December may prove a banner month for the shiny yellow metal. (Of course, November also proved a banner month, with gold prices rising 14%, their sharpest monthly increase in a decade.) Already, on the first day of the last month of the fourth quarter, futures prices surmounted the $1,200-per-ounce level and looked to be going higher.
But by the end of trading Tuesday on the New York Mercantile Exchange's Comex division, the gold December contract retreated below that mark, settling at $1,199.10, up $18, or 1.5%, from the previous close. Gold for February delivery, the most heavily traded contract, settled at $1,200.2, up $17.90, after touching as high as $1,204 intraday.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV