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TheStreet Open House

Gold Prices Jump on 'Fiscal Cliff' Deal (Update 1)

Stocks in this article: NG GG ABX NEM IAU GLD

The Fed's decision to implement a new monetary stimulus program last month put an emphasis on economic targets as stop points. With the expiration of Operation Twist, the Fed determined it would begin an open-ended, monthly purchasing of $45 billion of longer-term Treasury bonds, and said it would continue the program at least until the national unemployment rate dropped to 6.5% or if inflation exceeded 2.5%.

Friday's December unemployment rate reading will be an important economic indicator for gold investors to keep an eye on.

Though the unemployment rate likely won't dip to 6.5% in the near future, a declining trend could give investors a better prediction for the end of quantitative easing. Monetary stimulus is seen as inflationary policy, which is positive for gold.

Gold mining stocks were mostly higher on Wednesday. Shares of NovaGold Resources were jumping 6.4%; Goldcorp (GG - Get Report) shares were rising by 2.4%.

Among volume leaders, Barrick Gold (ABX - Get Report) was increasing 1.8%, while Kinross Gold (KGC) was up 1.6%.

Gold ETF SPDR Gold Trust (GLD) was adding 0.83% and iShares Gold Trust (IAU) was up 0.75%.

-- Written by Joe Deaux in New York.

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