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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Gold Prices Fall as Dollar Strengthens (Update 1)

Stocks in this article: EGOAUABXKGCGLD

Updated from 10:15 a.m. EDT with settlement prices

NEW YORK ( TheStreet) -- Gold prices were slipping Monday as the U.S. dollar strengthened against the euro, while investors awaited on eurozone finance ministers to reach a financial aid agreement with Spain in meetings Monday and Tuesday.

Gold for December delivery closed down $5.10 to $1,775.70 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,782.50 and as low as $1,768.20 an ounce, while the spot price fell $7.30, according to Kitco's gold index.

"Continued small selling from Friday, ministers in Europe meet and the euro is easier," George Gero, precious metals strategist, wrote in a note.

Silver prices for December delivery were shedding 56 cents to $34.02 an ounce, while the U.S. dollar index was adding 0.29% to $79.57.

The euro was falling Monday against the dollar to $1.2970, which was lower than the prior day settlement at $1.3036.

Monday marked the second-straight trading session that the yellow metal sold off slightly. A better-than-expected unemployment rate didn't bolster confidence that the Federal Reserve's new mortgage-backed securities program, also known as quantitative easing, would continue to last out through the long term. The Fed said its open-ended program announced last month would continue for as long as needed until the labor market significantly improved and had held its improvements for an extended period of time.

Gold was up last Thursday as European Central Bank President Mario Draghi said the central bank would be ready to buy government bonds when countries such as Greece and Spain meet the conditions to receive help. Investors have waited to see if or when Spain would request financial assistance. Any sort of easing from Europe would have the potential to push up gold prices in the near term.

Gold mining stocks were mixed early Monday. Shares of NovaGold Resources (EGO) were dipping 2%, while shares of AngloGold Ashanti (AU)were adding 1.1%.

Among other stocks, Kinross Gold (KGC) was trading down 1.4%, while Barrick Gold (ABX) was losing 1.6%.

Gold ETF SPDR Gold Trust (GLD) was down 0.35%.

>Contact by Email.

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 17,814.94 -2.96 -0.02%
S&P 500 2,067.03 -2.38 -0.12%
NASDAQ 4,758.2520 +3.36 0.07%

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