This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Gold, Newmont Mining Surge as Dollar Slumps (Update 1)

Updated from 11:57 a.m. ET with settlement prices

NEW YORK ( TheStreet) -- Gold prices jumped on Thursday as the U.S. dollar fell against a basket of foreign currencies.

Gold for December delivery at the COMEX division of the New York Mercantile Exchange rose $24.60 to settle at $1,309.90 an ounce. The gold price traded as high as $1,313.80 and as low as $1,282 an ounce, while the spot price popped 2% to $1,310.88.

"You got the dollar index down... that's definitely going to help out the metals, and it's helping, actually, most of the commodities across the board," said Phil Streible, senior commodities broker at RJO Futures.

Silver prices for September delivery closed higher by 69 cents at $20.19 an ounce, while the U.S. dollar index was slumping 0.37%.

The Labor Department reported Thursday that jobless claims for the week ending Aug. 3 rose from the prior week by 5,000 to 333,000. The number came in below expectations of economists polled by Thomson Reuters and the 4-week moving average dipped to its lowest level since November of 2007.

Despite what appeared to be an upbeat report, gold traders became heavy buyers on Thursday morning as major U.S. stock markets floated in mixed territory.

The positive boost to the yellow metal sparked a surge in shares of Newmont Mining (NEM - Get Report). Shares of the gold miner were among the top percentage gainers in the S&P on Thursday, adding 8.6% to $28.76.

Gold mining stocks were mostly higher on Thursday. Shares of NovaGold Resources (NG) were soaring 11.3% to $2.67.

Gold ETF SPDR Gold Trust (GLD) was up 2.1% to $126.76, while iShares Gold Trust (IAU) was up 2.1% to $12.73.

-- 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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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
GLD $115.52 0.04%
IAU $11.65 0.00%
NEM $22.16 0.00%
NG $2.99 0.00%
AAPL $124.24 0.00%

Markets

DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

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