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 Hang Onto Gains

CHARLOTTE, N.C. ( TheStreet) -- Gold prices continued rising Tuesday after Federal Reserve Chairman Ben Bernanke said last week he was open to the idea of a fresh round of quantitative easing.

Gold for December delivery was gaining $5.30 to $1,692.90 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,699.60 and as low as $1,687.60 an ounce, while the spot price was dipping $1.70, according to Kitco's gold index.

"We're holding up pretty good, the market is still resilient. All focus is now shifting to the unemployment report and also on Thursday the [European Central Bank] is expected to announced more details on its proposed bond-buying program," said Phil Streible, senior commodities broker at RJO Futures.

Silver prices for December delivery were adding 75 cents to $32.20 an ounce, while the U.S. dollar index 0.1% to $81.29.

Gold futures soared on Friday to settle up $30.50 as investors viewed the yellow metal as a safe haven of sorts in light of the Fed's possibly monetary stimulus, which would boost inflation concerns.

The ECB's meeting on Thursday could prompt another bump higher if the eurozone's central bankers decide to implement a significant round of easing.

Streible said that for the days leading up to Thursday, gold would likely trade in a tight range with $1,700 an ounce being the upper resistance of the range.

To finish the week, gold investors will look to the United States' monthly unemployment situation, which has been a critical component that Bernanke and others have said they would tightly monitor when considering the possibility of so-called QE3.

Gold traders may also keep an eye on Tuesday's ISM Manufacturing Index to get a sense of the health of the U.S. industrial sector. A consensus of economist estimates a reading of 50.0, which would put the index right on the number that suggests the sector is expanding. Last month's ISM number was 49.8, which suggested a slight contraction.
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
ABX $18.38 -3.80%
AUY $4.57 -3.00%
EGO $3.93 -5.80%
GG $19.08 -2.20%
KGC $5.40 -4.30%


Chart of I:DJI
DOW 17,769.98 -121.18 -0.68%
S&P 500 2,064.04 -17.39 -0.84%
NASDAQ 4,773.0850 -44.5090 -0.92%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs