This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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 Hang Onto Gains

Stocks in this article: GG EGO ABX AUY KGC

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

Select the service that is right for you!

COMPARE ALL SERVICES
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!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • 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