This Day On The Street
Continue to site
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

Gold Prices Gain Ahead of Election Day

NEW YORK ( TheStreet) -- Gold prices were gaining Monday as investors prepared for Tuesday's U.S. presidential election.

Gold for December delivery was up $8.60 to $1,683.80 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,684.70 and as low as $1,672.50 an ounce, while the spot price was adding $6, according to Kitco's gold index.

"As far as trading in the metals, there hasn't been a lot, we haven't seen anything. We really didn't have any economic data, the dollar is a little stronger, but this is just coming back cause it was over sold on Friday," said Phil Streible, senior commodities broker at RJO Futures.

Streible said, though, that most of the chatter he had heard on Monday concerned the upcoming election and what a victory for either side would mean for the yellow metal.

In the event of a Barack Obama victory, investors see more of the same policies. "Fiscal irresponsibility, (Federal Reserve Chairman) Ben Bernanke going all the way through his term , quantitative easing full throttle, weaker dollar," said Streible.

Mitt Romney could be a net negative for the yellow metal. "You get Romney and he's planning on shrinking the government, cutting spending, becoming more fiscally responsible ... so you're probably going to see a stronger dollar, weaker metal on him," said Streible.

Silver prices for December delivery was climbing 14 cents to $31 an ounce, while the U.S. dollar index was up 0.21% to $80.73.

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
Submit an article to us!
SYM TRADE IT LAST %CHG
ABX $13.07 0.00%
AEM $31.73 0.00%
EGO $5.06 0.00%
GLD $113.08 0.00%
KGC $2.44 0.00%

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs