Gold Prices Turn Green as Consumer Confidence Slides
Gold for April delivery at the COMEX division of the New York Mercantile Exchange was adding $90 cents to $1,338.90 an ounce. The gold price traded as high as $1,341 and as low as $1,331.20 an ounce, while the spot price was lifting $2.80 or 0.21%.
The Conference Board reported that consumer confidence hit 78.1, which fell from 80.7 and missed the expectations of economists.
The slight increase in gold prices came after investors early Tuesday took profits ahead of options expiration.
"[S]ome profit taking in gold as we have option expiration on Comex today," George Gero, precious metals strategist at RBC Capital Markets, wrote in a note to investors on Tuesday. "This could see some volatility later today as options in the money become futures contracts tomorrow and mean margin money to keep the position."
Gold prices finished up more than $14 on Monday as investors rotated into gold as a safe haven against fears that Ukrainian bonds may default.The precious metal has risen more than 7.5% in 2014 amid declines in the S&P 500, which for a period of time on Monday recouped all its year-to-date losses. Silver prices for March delivery were lower by 15 cents to $21.90 an ounce, while the U.S. dollar index was falling 0.05% to $80.18. Gold miners were mixed Tuesday morning. Shares of Yamana Gold (AUY) were sliding 0.77% to $10.30, while shares of Newmont Mining NEM were adding 0.76% to $23.85. Gold ETF SPDR Gold Trust (GLD) up 0.03%, and iShares Gold Trust (IAU) was gaining 0.08%. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts