NEW YORK (

TheStreet

) --

Gold prices

rise on the diving U.S. dollar and Russia buying more gold.

Reports from Moscow indicate that Russia's central bank will buy 30 tons of gold from the state repository bringing the country's total gold holdings to 5%. The sale strengthens the notion that global

central banks

are transitioning from net sellers of gold to net buyers. This follows the

Reserve Bank of India's

purchase of 200 tons of gold at record prices from the IMF in early November.

Although gold prices are down from their $1,226 highs, the precious metal was adding $4.20 to $1,124.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold delivery for February, the most actively traded contract, has traded as high as $1,128.90 and as low as $1,111.70.

Risk appetite returned to equities after

Abu Dhabi

eased fears over Dubai's credit crisis by offering $10 billion in emergency funds. The good news buoyed investor sentiment but put pressure on the U.S. dollar. The

U.S. dollar index

was slipping .20% to $76.41 after

rallying last week

against the Euro.

Silver

prices were adding 21 cents to $17.28 while copper was up 2 cents to $3.15.

Mining stocks, typically a more leveraged way to

invest in gold

, were mixed. Large cap miner,

Barrick Gold

(ABX)

TheStreet Recommends

was trading down to $39.58 while

Newmont Mining

(NEM) - Get Report

was flat at $51.18. Shares of

Freeport McMoran Copper & Gold

(FCX) - Get Report

were at $76.81 while

Kinross Gold

(KGC) - Get Report

was trading at $19.23.The most popular physically backed gold ETF,

SPDR Gold Shares

(GLD) - Get Report

was rising .65% to $109.32.

Market Vectors Gold Miners

(GDX) - Get Report

was trading at $47.82 while shares of

Market Vectors Juniors

(GDXJ) - Get Report

were jumping 1.23% to $25.53.

>>Slideshow: How to Invest in Gold

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--

Written by Alix Steel in New York

.

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.