Gold prices were buoyed somewhat Friday by a struggling U.S. dollar, bargain hunting and positive economic data. China reported a smaller decline in November exports while the
reported a $3.5 billion jump in exports to $136.8 billion on the back of a slumping dollar. These figures cheered investors and increased risk appetite for assets like gold.
was showing some strength rising .65% to $76.51 after better than expected
November retail sales
, which was putting some short term pressure on gold. Gold prices were rebounding over $14 earlier in the session but currently were flat at $1,125 an ounce at the Comex division of the New York Mercantile Exchange. Gold delivery for February has traded as high as $1,143.40 and as low as $1,122.60.
were currently rising 5 cents to $17.34. Copper was flat at $3.11.
Gold prices are finding support from its steep $100 decline as bargain hunting and potential buying from Russia provides a temporary floor . "I'm looking for $1,125-$1,135 for support area
and $1,150 as a resistance area", says George Gero, vice president of global futures at RBC Capital Markets. "If we go above that you will get momentum traders, higher moving averages, higher close and higher volume to get into the market. However, we still have a problem we are still losing open interest as some people are exiting the market."
Mining stocks, a more leveraged way to
was down 1% to $41.04 while
was flat at $52.13. Shares of
Freeport McMoran Copper & Gold
were little changed at $78.50 while
was down 1.50% to $12.32.
Shares of the popular physically baked ETF,
SPDR Gold Shares
, were down 1% at $110.28.
Market Vectors Gold Miners
Market Vectors Juniors
were relatively unchanged at $48.90 and $26.19.
Written by Alix Steel in New York