This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Gold Prices Bounce Back From 6 Month Low

Stocks in this article: GG ABX KGC EXK

NEW YORK ( TheStreet) -- Gold prices rose for the first time in ten days as buyers swooped in to take advantage of prices at six-month lows.

Gold for February delivery climbed $25.90 to settle at $1,565.80 an ounce at the Comex division of the New York Mercantile Exchange to clinch an eleventh straight year of gains. The gold price traded as high as $1,582.80 and as low as $1546.20 an ounce.

Silver prices for March delivery advanced 61.1 cents to $27.905 an ounce while the U.S. dollar index was falling 0.3% to $80.17.

Gold prices backtracked 4.6% in the prior seven days of trading and fell to their lowest level since July after a strengthening dollar and Chinese and Indian demand concerns sent investors fleeing into cash. Friday's rally was not enough to prevent the metal from completing its first quarterly decline in three years, having lost 3.4% in the last three months.

The metal rebounded this morning after this week's drop spurred speculation the lower price would renew buying interest in China and India after concern about demand in the world's two largest countries.

"All the fundamental reasons why people have been buying gold are still intact, so the lower prices could be attracting buyers who have been standing aside," Adrian Day, president of Adrian Day Asset Management, said. In particular, he explained, "Indians tend to be fairly price sensitive. It wouldn't surprise me if more Indian buyers are coming in now after scaling back the past few months."

Gains in gold and silver sent mining companies higher, with the raw materials sector leading gains in the S&P 500. Goldcorp (GG) was rising 1.1% to $43.99. Barrick Gold (ABX) was gaining 0.4%% at $45.35. Kinross Gold (KGC) was increasing 0.5% to $11.39. Endeavour Silver (EXK) was surging 1.3% to $9.74.

-- Written by Kaitlyn Kiernan in New York.

>To contact the writer of this article, click here: Kaitlyn Kiernan

To follow the writer on Twitter, go to @Kaitlyn_Kiernan.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs