This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gold Prices Bleed on Economic Data

(Gold story updated with price changes, more details on Monday's economic data)
NEW YORK ( TheStreet) -- Gold prices were falling Monday afternoon as investors braced for results of the U.S. midterm elections, the outcome of the upcoming Federal Reserve meeting this week and as the dollar received a boost after better-than-expected economic data was released.

Gold rose as "expectations the Federal Reserve will unveil further U.S. monetary easing at a meeting on Nov. 2/3 pressured the dollar," RBC Wealth Management senior vice president and financial consultant George Gero said in a morning note.

Gold for December delivery was falling $6.50 to $1,351.10 an ounce at the Comex division of the New York Mercantile Exchange. The gold price Monday has traded as high $1,366.40 and as low as $1,349.10.

The U.S. dollar index was firming by 0.3% to $77.24, while the euro was down 0.4% to $1.39 against the dollar. The spot gold prices were falling by $8, according to Kitco's gold index.

The FOMC meeting is slated for Tuesday and Wednesday, after which, on Wednesday, the Federal Reserve is expected to announce a fresh round of quantitative easing to help jumpstart the U.S. economy. The measure, once carried out, is expected to put pressure on the U.S. dollar and help lift the yellow metal. However, investors are still wondering about the size of the measure, which many believe will initially be $500 billion. If the package turns out to be less than expected, that could put pressure on the yellow metal.

Also meeting this week are The Bank of England, the European Central Bank and the Bank of Japan.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
GDXJ $21.80 0.00%
NGD $2.89 0.00%
NG $4.52 0.00%
AAPL $94.02 0.00%
FB $104.07 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs