This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Gold Prices Pare Gains as Dow Hits All-Time High (Update 1)

Stocks in this article: GOLD AEM AUY GLD IAU

Updated from 10:36 a.m. ET with settlement prices and comments from a precious metals analyst

NEW YORK ( TheStreet) -- Gold prices pared early Tuesday gains as record all-time highs for the Dow Jones Industrial Average grabbed investors from the yellow metal into equities.

Gold for April delivery added $2.50 to settle at $1,574.90 an ounce at the Comex division of the New York Mercantile Exchange.

The gold price traded as high as $1,585.80 and as low as $1,571.10 an ounce, while the spot price was increasing $2.20, according to Kitco's gold index.

"The paring of gold gains today was caused by the headwinds of a strong stock market as funds rushed to better performing assets," George Gero, precious metals strategist at RBC Wealth Management, said in a note on Tuesday afternoon.

Silver prices for May delivery ticked higher by 11 cents to close at $28.60 an ounce, while the U.S. dollar index was falling 0.07% to $82.10.

Gold posted wider gains in the morning as the Dow Jones Industrial Average breached its previous all-time high of 14,164.53 points, set Oct. 9, 2007. The precious metal came off its intraday highs as equities showed few signs of a pullback.

The Chinese government announced overnight it would implement a new stimulus initiative to bolster the economy there. The country reiterated a growth target of 7.5% for the year.

Fresh buyers from Asia and a weaker U.S. dollar had boosted gold prices to session highs during morning trading.

"This morning's rally was basically due to a little weakness in the dollar, and of course China," Gero said in an interview. "First of all, China is looking at 7.5% growth, China is possibly going to approve a gold ETF, and then, so, we had some Far East buying."

The Institute for Supply Management reported that its non-manufacturing business activity index registered at 56, which beat by a point the consensus among economists.

Gold mining stocks were mixed on Tuesday. Shares of Randgold Resources (GOLD) were adding 1.2%, but shares of Agnico-Eagle Mines (AEM) were shedding 1.2%.

Among volume leaders, Yamana Gold (AUY) was off 0.47%.

Gold ETF SPDR Gold Trust (GLD) was gaining 0.17%, while iShares Gold Trust (IAU) was tacking on 0.07%.

-- Written by Joe Deaux in New York.

>Contact by Email.

Select the service that is right for you!

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!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • 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