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TheStreet Open House

Gold Prices Rise on Bargain Hunting

Stocks in this article: NG AUY NEM ABX GLD IAU

Activity remained relatively quiet in the eurozone, while China and Japan had no economic reports scheduled for Friday.

Activity could be light in gold trades next week as many investors take a break for the holiday week and others square away their books for the end of the month, quarter and fiscal year.

As a final note, House Majority Leader Eric Cantor said the House would reconvene sometime after Christmas. This means Congress may attempt to reach a fiscal cliff deal sometime before Jan. 1, but it's unclear what, if any, negotiations will accomplish.

Gold mining stocks were mostly higher on Friday. Shares of NovaGold Resources (NG) were rising 2.3%, and shares of Yamana Gold (AUY - Get Report) were climbing 2.1%

Among volume leaders, Barrick Gold (ABX) shedding 0.55%, while Newmont Mining (NEM - Get Report) was up 1.3%

Gold ETF SPDR Gold Trust (GLD) was adding 0.34%, while iShares Gold Trust (IAU) was increasing 0.37%.

-- Written by Joe Deaux in New York.

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