Gold Futures Climb After Mixed Earnings

Futures were rising $6.40 to $888.50 an ounce at the Comex division of the New York Mercantile Exchange.
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Gold futures were on the rise Wednesday as economic fears and rocky earnings increased safe-haven demand for the precious metal.

Futures were rising $6.40 to $888.50 an ounce at the Comex division of the New York Mercantile Exchange. The contract has traded as low as $883.00 and as high as $889.40 so far during the session.

Silver futures were adding 9 cents to $12.15 an ounce, and copper prices were slipping 4 cents to $2.07 a pound.

Gold traders are caught in a tug-of-war. Mixed first-quarter earnings news and economic data are keeping the precious metal rangebound as traders look for signs of a recovery. Also supporting gold is the fact that a sale from ETFs was not as big as expected, says George Gero, vice president of global futures at RBC Capital Markets. "This helps stabilize gold on the way down."

In other metals, Gero says "platinum is doing better especially now that we are told that

Ford

(F) - Get Report

doesn't need TARP money

and will continue to manufacture and sell cars." Palladium and platinum, two metals used in car manufacturing, traditionally do well as car demand increases.

As for gold stocks,

Newmont Mining

(NEM) - Get Report

was unchanged at $39.09 while

Barrick Gold

(ABX)

was rising slightly to $28.60. Shares of

Yamana Gold

(AUY) - Get Report

were up more than 1% to $7.73.

Agnico-Eagle Mines

(AEM) - Get Report

was adding 2.4% to $46.75, and the

Gold Shares

(GLD) - Get Report

exchange-traded fund was flat at $87.16.

Alix joined TheStreet.com TV in February 2007. Previously, she held positions in film and theater production, management, and legal administration. Alix has a degree in communications and theater from Northwestern University.