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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Gold Prices Surge as 2014 Kicks Off (Update 1)

Updated from 12:22 p.m. ET with settlement prices

NEW YORK (TheStreet) -- Gold prices jumped on the first trading day of 2014 as investors viewed the metal as a cheap purchase after it dipped below a key price level to close out 2013.

Gold for February delivery at the COMEX division of the New York Mercantile Exchange climbed $22.90 to settle at $1,225.20 an ounce. The gold price traded as high as $1,230.80 and as low as $1,202.50 an ounce, while the spot price was unchanged at $1,223.79.

"I think more it's just bargain buying," Miguel Perez-Santalla, vice president of business operations at BullionVault, said in an interview. "[Traders] came in and saw it was cheap -- it started in Europe, they started buying and it rallied up today."

Gold prices fell more than 28% in 2013 as a record year in stocks, bank downgrades of the yellow metal and the Federal Reserve's pullback in economic stimulus rotated investors out of the asset.

The price fell below $1,200 an ounce on Tuesday -- but settled little changed -- as traders squared away books for the end-of-year and end-of-quarter accounting. That price level has been a key level of technical support -- the market repeatedly has tested breaking below $1,200, but has failed to stay below that price.

Silver prices for March delivery gained 76 cents to $20.13, while the U.S. dollar index was increasing 0.52% to $80.63.

Gold mining stocks were mostly higher on Thursday. Shares of Newmont Mining (NEM - Get Report) were rising 4.2% to $23.99.

Gold ETF SPDR Gold Trust (GLD) was up 1.6% to $118, while iShares Gold Trust (IAU) was adding 1.5% to $11.86 a share.

-- 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!
IAU $11.64 -0.09%
GLD $115.47 -0.18%
NEM $25.62 -1.04%
AAPL $129.36 0.21%
FB $79.60 -0.19%


DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

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