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Gold Price Rises as Russia Buys

NEW YORK (TheStreet) -- Gold prices rise on the diving U.S. dollar and Russia buying more gold.

Reports from Moscow indicate that Russia's central bank will buy 30 tons of gold from the state repository bringing the country's total gold holdings to 5%. The sale strengthens the notion that global central banks are transitioning from net sellers of gold to net buyers. This follows the Reserve Bank of India's purchase of 200 tons of gold at record prices from the IMF in early November.

Although gold prices are down from their $1,226 highs, the precious metal was adding $4.20 to $1,124.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold delivery for February, the most actively traded contract, has traded as high as $1,128.90 and as low as $1,111.70.

Risk appetite returned to equities after Abu Dhabi eased fears over Dubai's credit crisis by offering $10 billion in emergency funds. The good news buoyed investor sentiment but put pressure on the U.S. dollar. The U.S. dollar index was slipping .20% to $76.41 after rallying last week against the Euro.

Silver prices were adding 21 cents to $17.28 while copper was up 2 cents to $3.15.

Mining stocks, typically a more leveraged way to invest in gold, were mixed. Large cap miner, Barrick Gold (ABX) was trading down to $39.58 while Newmont Mining (NEM) was flat at $51.18. Shares of Freeport McMoran Copper & Gold (FCX) were at $76.81 while Kinross Gold (KGC) was trading at $19.23. The most popular physically backed gold ETF, SPDR Gold Shares (GLD) was rising .65% to $109.32. Market Vectors Gold Miners (GDX) was trading at $47.82 while shares of Market Vectors Juniors (GDXJ) were jumping 1.23% to $25.53.

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