NEW YORK (
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
are transitioning from net sellers of gold to net buyers. This follows the
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
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
was slipping .20% to $76.41 after
against the Euro.
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
, were mixed. Large cap miner,
was trading down to $39.58 while
was flat at $51.18. Shares of
Freeport McMoran Copper & Gold
were at $76.81 while
was trading at $19.23.The most popular physically backed gold ETF,
SPDR Gold Shares
was rising .65% to $109.32.
Market Vectors Gold Miners
was trading at $47.82 while shares of
Market Vectors Juniors
were jumping 1.23% to $25.53.
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.