This Day On The Street
Continue to site
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 Rise as Dollar Weakens in 'Lackluster' Session (Update 1)

Updated from 12:17 p.m. ET with settlement prices and strategist comment

NEW YORK ( TheStreet) -- Gold prices were slightly higher on Monday as the U.S. dollar index weakened, mostly due to some pressure from the euro currency. Gold gained 0.11% on Friday.

Gold for April delivery settled up $1.10 to $1,578 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,582.50 and as low as $1,574.50 an ounce, while the spot price was increasing $1.50, according to Kitco's gold index.

"It's a real lackluster day," said James Steel, chief commodities analyst at HSBC Bank USA. "We've had scattered buying in the precious metals in general -- mostly in gold -- but the gains have run into headwinds with a stronger dollar."

"It's a boring day, to be honest," said Brent Johnson, chief executive at Santiago Capital in San Francisco. "It's kind of flat, up slightly a little bit."

Silver prices for May delivery slid 10 cents to $28.85 an ounce, while the U.S. dollar index was losing 0.15% to $82.60.

Steel said there was some physical buying of gold overnight in China, but there wasn't enough action to move the yellow metal decidedly higher.

China released economic data over the weekend that suggested slower growth than economists had anticipated. Reports showed industrial production and retail sales came in softer than expected.

There were no major U.S. economic announcements scheduled for Monday.

Gold prices on Friday initially sold off more than $10 after the Bureau of Labor Statistics' February employment report revealed nonfarm payrolls increased by 236,000 jobs and the unemployment rate ticked down to 2.2%.

But the precious metal found resilience on Friday after the stock markets fell off their intraday highs, partly due to traders having had more time to digest the labor report.

"The jobs side is kind of oscillating, we still have a confidence issue that's stemming," said Matt Lloyd, chief investment strategist at Advisors Asset Management. "But eventually, when you look at the average hours worked weekly and the duration average -- that even though it's spiked up, it's still rolling over -- gives me credence that we're going to see a little bit more acceleration in the jobs market over the next year or two."

Gold mining stocks were mixed on Monday. Shares of Kinross Gold (KGC - Get Report) were sinking 2%, while shares of AngloGold Ashanti (AU - Get Report) were rising 0.89%.

Among volume leaders, Barrick Gold (ABX - Get Report) was down 0.35%.

Gold ETF SPDR Gold Trust (GLD) was climbing 0.13%, while iShares Gold Trust (IAU) was up 0.2%.

-- 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
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
IAU $10.97 -0.27%
GLD $108.77 -0.20%
ABX $6.85 4.26%
AU $8.53 1.55%
KGC $2.03 10.93%


Chart of I:DJI
DOW 16,776.43 +304.06 1.85%
S&P 500 1,987.05 +35.69 1.83%
NASDAQ 4,781.2640 +73.4890 1.56%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs