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
TheStreet Open House

Gold Prices Dip Ahead of Economic Data Glut (Update 1)

Updated from 11:19 a.m. EST with settlement prices

NEW YORK ( TheStreet) -- Gold prices settled slightly lower Monday as investors awaited a slew of economic reports later in the week.

Gold for December delivery lost $1.80 to close at $1,749.60 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,752.30 and as low as $1,746 an ounce, while the spot price was shedding $3, according to Kitco's gold index.

Phil Streible, a senior commodities broker at RJO Futures, said that gold prices have hit a bull-bear line that could make a critical break one way or the other in the next 48 hours. He also said the price of the yellow metal may remain unchanged until Tuesday, when durable goods orders and consumer confidence reports are issued.

Silver prices for December delivery were off 2 cents to settle at $34.14 an ounce, while the U.S. dollar index was adding 0.05% to $80.26.

Gold prices jumped more than $20 on Friday, which Streible also said could have accounted for Monday's slight selloff.

Eurozone finance ministers were set to approve a deal that would send some €44 billion in bailout funds to Greece as part of a package to ease that country's debt burden, according to The Wall Street Journal.

Ministers said the final agreement largely depended on the International Monetary Fund's approval that the steps being taken would bring Greece's debt load to a sustainable level -- calculated as 120% of gross domestic product -- by 2020, according to the Journal.

Gold investors have long anticipated emergency loans to Greece from eurozone countries as the stimulus would suggest inflationary policy that would make the precious metal a safe-haven purchase.

A reading Tuesday that shows improvement in the consumer confidence index could knock down gold prices. Positive readings in consumer confidence, durable goods and the manufacturing index (the Richmond Federal Reserve manufacturing index comes out Tuesday) would mean growing strength in the U.S. economy -- a sign that investors may not have to flee to safe-havens for protection.

A report on new-homes sales is expected Wednesday; overall readings in the housing industry have shown meaningful improvement in the past few months. Though Fed Chairman Ben Bernanke said last week that the housing industry had shown some clear signs of improvement, he continued to warn that the pace would remain moderate by "historical standards."

Another big indicator for gold could be Thursday's GDP report. The prior report came in at 2% growth, but a consensus among economists has called for 2.8% growth.

Gold mining stocks were mostly lower Monday. Shares of Randgold Resources (GOLD) were off 2.5%, while shares of Royal Gold (RGLD) were losing 1.9%.

Among volume leaders, Barrick Gold (ABX) was down 1.8%, and Kinross Gold (KGC) was shedding 0.05%.

Gold ETF SPDR Gold Trust (GLD) was dipping 0.10%, and iShares Gold Trust (IAU) was down 0.11%.

-- Written by Joe Deaux in New York.

>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!

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