Updated from 12:19 p.m. EST with settlement prices
Gold for April delivery climbed $8.60 to settle at $1,670.60 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,683 and as low as $1,660.60 an ounce, while the spot price was $5.50, according to Kitco's gold index.
"I think today's movement is just running with the equities markets and saying, 'OK, the dollar is getting weak because [the Federal Reserve] is printing money, equities are going up,'" said David Williams, director of Strategic Gold Corp. "I don't think it's a big deal today, I don't think it's really tremendously impressive."Silver prices for March delivery added 61 cents to $31.96 an ounce, while the U.S. dollar index was slipping 0.16% to $79.08. Gold prices bumped to session highs shortly after the Bureau of Labor Statistics released January nonfarm payrolls, which rose 157,000, and the unemployment rate, which ticked up to 7.9% from the prior month's 7.8%. Analysts polled by Thomson Reuters had been expecting payrolls to rise 160,000 and unemployment to hold steady at 7.8%. It was a choppy week for the yellow metal as prices dipped on Monday ahead of option expiration, but popped Wednesday after an unexpected contraction in 2012 fourth-quarter gross domestic product. The Fed's policy-making announcement on Wednesday afternoon didn't offer any surprise as it announced no changes to interest rates or its quantitative easing programs. This heavy economic reporting week will be followed next week by a much lighter schedule. Gold appears caught in a tight trading range with very few planned events in the near-term that may push the precious metal decidedly in either direction. Gold mining stocks were mostly higher on Friday. Shares of Gold Fields (GFI) were rising 3.5%, and shares of NovaGold Resources (NG) were rising 2.9%. Among volume leaders, Barrick Gold (ABX) was tacking on 0.63%, but Kinross Gold (KGC) was off 0.73%. Gold ETF SPDR Gold Trust (GLD) was ticking up 0.27%, while iShares Gold Trust (IAU) was gaining 0.19%. -- Written by Joe Deaux in New York. >Contact by Email.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV