NEW YORK (
were falling on a mixed
Gold for April delivery was falling $3.90 to $1,059.10 an ounce at the Comex division of the New York Mercantile Exchange. Prices have traded as high as $1,069.40 and as low $1,049.60. The
was rising 0.37% to $80.29.
Gold prices pared back earlier losses after a confusing
. The U.S. economy lost 20,000 jobs in January, after some analysts expected an increase in jobs, but the unemployment rate was reduced from 10% to 9.7%. Gold was slipping over $8 before the report, but prices rebounded slightly on the news.
plummeted $50 on Thursday and more short term pressure is expected as European sovereign debt fears weigh on markets. Mounting debt worries out of Greece, Spain and Portugal pressured the euro and boosted the dollar to a seven-month high. These concerns coupled with China credit tightening are curbing investors risk appetite for commodities and dragging down gold prices.
"I think we are going to hold this level ... the $1,000 level," predicts David Morgan, founder of Silver-Investor.com. "
Prices could go lower to probe that area, in fact
they probably will. The next area of support of about $1,033 ... I think it is probably a buy the dip opportunity here."
were slipping 28 cents to $15.07 while copper was down 2 cents to $2.85. Platinum and palladium continue to track the other precious metals sinking to $1,476 and $388, respectively.
Mining stocks, a more leveraged way to
, were recovering slightly after Thursday's dramatic selloff.
were flat at $33.84 and $43.34, respectively.
was falling 0.98% to $16.23 while
was down 0.87% to $32.92. The company recently secured an important gold and silver resource the
Freeport McMoRan Copper & Gold
were flat at $66.52 while
was down 1.02% to $9.75.
SPDR Gold Shares
were sinking 0.92% to $103.41. The ETF shed 5.75 tons on Thursday as investors sold out of the precious metal.
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.