NEW YORK (
) -- Bargain hunting supports
Wednesday down $100 from its record high of $1,226 on
, but the precious metal is finding support on the back of a weaker U.S dollar. The
was slightly lower at $75.90. While gold delivery for February was adding $10.40 to $1,131.30 an ounce at the Comex division of the New York Mercantile Exchange. The contract has traded as low as $1,121.80 and as high as $1,137.70.
Although lower prices are making gold attractive to bargain hunters, short term pressure remains as investors seek to shore up their profits before the end of the year. "Current talk is that while we could dip to as low as perhaps 1070 there is some anticipation of bargain hunting....around $1100 level with perhaps a view of trying again to pop prices higher as January gets under way", says Jon Nader, senior analyst at Kitco.com. "Beyond that I would caution that seasonal weakness comes into the picture after the Chinese new year and perhaps the longs need to take advantage of these opportunities sooner rather than later."
Silver prices were rebounding 23 cents $17.41 while copper was relatively unchanged at $3.12.
Mining stocks, a more leveraged way to
, have taken a beating this past week. Shares of
were flat at $41.28 while
was up .50% to $52.05.
Freeport McMoran Copper and Gold
, Realmoney.com's Alan Farley's
, was rising .71% to $79.04 while
was popping 1.28% to $12.68.
SPDR Gold Shares
was flat at $110.84. Tonnage was unchanged from Tuesday.
Market Vectors Gold Miners
were rising 1.11% to $49.32 while
Market Vectors Juniors
, a basket of small cap miners, was up 1.61% to $26.50.
Written by Alix Steel in New York