NEW YORK (
were trading near the flat line Wednesday as Moody's reaffirmed Spanish bonds as investment grade.
Gold for December delivery was adding $3.10 to $1,749.40 an ounce at the Comex division of the New York Mercantile Exchange. The
traded as high as $1,755 and as low as $1,744 an ounce, while the spot price was losing 70 cents, according to Kitco's gold index.
"Some minor positives from Germany relating to Spain and also their retention of investment grade for Spanish bonds helped gold somewhat," George Gero, precious metals strategist at RBC Wealth Management, wrote in a note.
for December delivery were rising 9 cents to $33.05 an ounce, while the
U.S. dollar index
was shedding 0.27% to $79.01.
Investors continued to anticipate Spain eventually will ask for a bailout from the European Central Bank.
Gold prices haven't traded with much enthusiasm since the
implemented a fresh round of open-ended, asset-backed mortgage securities purchases. The Fed's action moved investors to price in the possibility of future inflation, which pushed up the gold price to its highest levels in 2012.
But with an impending U.S. election, inaction on the Spanish bailout and a pause in global central banking easing efforts, gold has lingered in a trading range with slight downside sentiment.
Housing starts rose in September to a seasonally adjusted annual rate of 872,000, which was well above the 770,000 economists had expected. The continued strengthening in the housing market suggested a slow move toward improved economic growth, which would be a negative sign for open-ended quantitative easing -- the Fed has stated that it would end so-called QE3 after the labor market and economy had shown significant improvements and had held their gains.
Gold mining stocks were mostly higher Wednesday. Shares of
were increasing 2.8%, and shares of
(GOLD - Get Report)
were up 0.98%.
Among other mining stocks,
(EGO - Get Report)
was gaining 0.9%, while
(NEM - Get Report)
was losing 0.73%.
SPDR Gold Trust
was climbing 0.12%.
-- Written by Joe Deaux in New York.
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts