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Gold Prices Little Changed as Europe Stalls (Update 1)

Updated from 10:21 a.m. EDT with settlement prices

NEW YORK ( TheStreet) -- Gold prices were trading sideways on Wednesday as little news from Europe failed to calm recent worries of a slowdown in global growth.

Gold for December delivery gained a dime to settle at $1,765.10 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,770 and as low as $1,758.50 an ounce, while the spot price climbed 20 cents, according to Kitco's gold index.

"There's really no data today, nothing is going on in the eurozone, Spain still hasn't asked for a bailout, and it's one of those things that keeps going on and on," said Chuck Butler, president of world markets at EverBank.

Silver prices for December delivery closed up 12 cents to $34.11 an ounce, while the U.S. dollar index was losing 0.08% to $79.93.

Questions on whether Spain would ask for financial aid intensified on Monday and Tuesday as European Union finance ministers met to discuss creation of a single banking supervisor for the region, among other actions.

Gold also failed to move much as currency action was little changed. The euro was gaining to $1.2902 against the dollar after a two-day decline that saw the currency lose more than 1 cent against the greenback. The euro settled late Tuesday at $1.2885

Initial weekly jobless claims in the U.S. are scheduled to be reported Thursday morning. With the Federal Reserve's open-ended, mortgage-backed securities program dependent upon a prolonged stretch of health in the labor market, gold investors will keep close track of the numbers and attempt to predict a conclusion to the quantitative easing. There is nothing to suggest at the moment the program would end in the near term, and many market analysts have price targets through the middle of 2013 that have gold prices climbing higher.

Gold mining stocks were mixed Wednesday. Shares of Yamana Gold (AUY - Get Report) were adding 1.9%, while Randgold Resources (GOLD - Get Report) shares were shedding 1.1%.

Among other mining stocks, Kinross Gold (KGC - Get Report) was gaining 0.38%, and Eldorado Gold (EGO - Get Report) was off 0.91%.

Gold ETF SPDR Gold Trust (GLD) was losing 0.08%.

-- Written by Joe Deaux in New York.

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GLD $122.21 -0.61%
AUY $4.22 -7.25%
EGO $3.71 -6.08%
GOLD $85.29 -10.84%
KGC $5.07 -6.28%


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