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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

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) 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.

Stock quotes in this article: GLD, IAU, NEM 

Select the service that is right for you!

COMPARE ALL SERVICES
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.

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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