Gold Prices Extend Rally Past $910
Gold futures continued to post solid gains Tuesday, keeping the May contract above $900 an ounce.
Recently, futures were rising $9.90 to $911.50 at the Comex division of the New York Mercantile Exchange. The contract has traded as low as $902.90 and as high as $912.30 so far during the session.
Gold analysts are now waiting to see if the rally in prices will hold. James Moore of TheBullionDesk.com says the advance "is seeing some fund interest
and ETF buying, as well."
|
var config = new Array(); config<BRACKET>"videoId"</BRACKET> = 22166397001; config<BRACKET>"playerTag"</BRACKET> = "TSCM Embedded Video Player"; config<BRACKET>"autoStart"</BRACKET> = false; config<BRACKET>"preloadBackColor"</BRACKET> = "#FFFFFF"; config<BRACKET>"useOverlayMenu"</BRACKET> = "false"; config<BRACKET>"width"</BRACKET> = 265; config<BRACKET>"height"</BRACKET> = 255; config<BRACKET>"playerId"</BRACKET> = 1243645856; createExperience(config, 8); |
Moore believes the rally could be the start of something bigger, a tentative push out of the recent downtrend. "If we break through $920, we could pick up some fresh demand and technical buying", which would offset any profit-taking, he says.
Elsewhere, silver futures were climbing 38 cents to $12.47 an ounce, and copper prices were slipping 3 cents to $2.11 a pound.
In gold stocks,
Newmont Mining
(NEM) - Get Report
was trading relatively flat at $41.32, while
Barrick Gold
(ABX)
was rising 2% to $31.53.
Shares of
Yamana Gold
(AUY) - Get Report
were climbing almost 2% to $8.66. The company will report first-quarter earnings after the market closes.
Agnico-Eagle Mines
(AEM) - Get Report
shares were rising 3.4% to $47.84, and the
Gold Shares
(GLD) - Get Report
exchange traded fund was unchanged at $89.37.
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.
