Gold for April delivery closed up $32.60 at $1,758.50 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,759.50 and as low as $1,727 an ounce while the spot price was adding $22, according to Kitco's gold index.
Gold prices were also getting a boost from China's decision to lower its reserve requirements for banks. The People's Bank of China announced over the weekend that it was knocking down it's reserve-requirement ratio by 0.5%, a move aimed at boost lending. Some are interpreting this as a sign that China's economy could be slowing. Gold mining stocks were riding gold prices higher Tuesday. Kinross Gold (KGC) was gaining 3.7% at $11.36 while Randgold Resources (GOLD) was 1.1% higher at $112.34. Other gold stocks, Agnico-Eagle (AEM) and Eldorado Gold (EGO) were trading higher at $36.45 and $14.39, respectively. -- Written by Ross Tucker in New York.
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