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 Slip as Dollar Inches Higher (Update1)

(Updated from 1 p.m. ET with settlement and closing prices.)

NEW YORK ( TheStreet) -- Gold prices dipped Wednesday as the U.S. dollar strengthened.

Gold for April delivery lost $4.50 to settle $1,645.10 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,655 and as low as $1,640.70 an ounce, while the spot price was shedding $8.70, according to Kitco's gold index.

"Yes, $1,650 an ounce seems to be this line in the sand that we're staying around," said Phil Streible, senior commodities broker at RJO Futures. "We can't get too far from it, can't get to far above it, so I think that's a range we're probably going to play a little bit."

Many investors who have tracked the yellow metal for the past few months know there has been a lack of significant catalysts to boost or sink gold prices.

Silver may be a precious metal for traders to watch as gold remains in a latent range.

Silver prices for March delivery lost 15 cents to close at $30.87 an ounce, while the U.S. dollar index was increasing 0.04% to $80.08.

"Silver is an interesting metal because it has some of the store of value, sort of the money attributes of gold -- the defensive qualities, one might say -- but it also has the more industrial qualities of, say, a platinum or palladium or other industrial metals," said Will Rhind, managing director at ETF Securities U.S., in an interview.

Silver's industrial appeal has benefited the metal as better economic data has continued to emerge from the United States and China.

Platinum prices for April delivery rose $12.50 to $1,729.70 an ounce on Wednesday as the white metal continued to benefit from supply constraints in South Africa, and improved automotive demand.

Gold-mining stocks were mostly lower. Shares of Barrick Gold (ABX - Get Report) lost 2.8%, while Eldorado Gold (NG) slipped 3.1%

Gold miner Alamos Gold (AGI - Get Report) listed on the New York Stock Exchange Wednesday morning, and CEO John McCluskey told TheStreet the move reflected the strength and growth of the company. Shares shed 1.9% during the first day of trading.

"We're a low-cost producer, we're considered on most analysts' coverage to be the lowest cost producer in their spectrum," said McCluskey. "We started at 100,000 ounces a year, we've ramped that up step by step to 200,000 ounces a year, and based on the production profile of our development assets we should double that to 400,000 to 500,000 ounces a year over the next few years."

Gold ETFs SPDR Gold Trust (GLD) and iShares Gold Trust (IAU) were off 0.5%.

-- Written by Joe Deaux in New York.

>Contact by Email.

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
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!
SYM TRADE IT LAST %CHG
ABX $12.52 0.00%
AGI $6.71 0.00%
GLD $113.05 0.00%
IAU $11.40 0.00%
NG $3.58 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs