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 Gain as Fed Taper Decision Draws Near

Stocks in this article: GLD IAU NEM

NEW YORK (TheStreet) -- Gold prices were climbing Friday as market participants grabbed the yellow metal at a cheaper price following Thursday's tumble.

Gold for February delivery at the COMEX division of the New York Mercantile Exchange was jumping $9.90 to $1,234.80 an ounce. The gold price traded as high as $1,238.10 and as low as $1,219.50 an ounce, while the spot price was up $8.81, or 0.72%.

"I think it's, in part, a bounce back from yesterday's deep selloff," said Jeffrey Nichols, publisher of "It's questionable whether it was justified."

Gold tumbled on Thursday as reports that Rep. Paul Ryan (R., Wisc.) and Sen. Patty Murray (D., Wash.) crafted a bipartisan budget deal that appealed to members of both major parties. By the evening, the budget passed the Republican-controlled House. The U.S. Senate expects to vote on the measure next week.

The precious metal is poised for uncertain price action next week as the Federal Reserve's policy-making arm will decide whether to scale back its economic stimulus program. Many investors have said that so-called tapering would hurt the price of gold as many view the asset as a hedge against inflation concerns. A pullback in Fed action would suggest a softening of the possibility of longer-term inflation.

Silver prices for March delivery were tacking on 22 cents to $19.68 an ounce, while the U.S. dollar index was slightly higher by 0.06% to $80.27.

Gold mining stocks were mostly higher on Friday. Shares of NovaGold Resources (NG) were adding 2.6% to $2.35, and shares of Newmont Mining (NEM) were up 0.24% to $23.34.

Gold ETF SPDR Gold Trust (GLD) was gaining 0.73% to $119.15, while iShares Gold Trust (IAU) was increasing 0.71% to $11.98.

-- 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