NEW YORK (TheStreet) -- Spot gold prices were trading sideways Wednesday amid a sharp uptick in oil, which has a long history of being tied to commodities such as gold.
Brent Crude for November delivery was rising more than $2. The dollar index was down 0.4%. "It looks like gold is consolidating and that's a good thing," said James DiGeorgia, publisher of the 'Gold and Energy Advisor' and author of 'The Trader's Great Gold Rush.' "We've made new highs and it's not uncommon for a commodity like this to go through some consolidation."
Like many of his peers, DiGeorgia expects gold prices to rise to around $1,400 by year-end.
The rest of the precious metals complex ticked higher on Wednesday afternoon, with silver, often viewed as a cheaper alternative to gold, advancing further than the yellow metal. In a Wednesday morning note, Waverly Advisors analysts Andrew Barber and Adam Grimes noted that their charts were showing exceptionally low volatility in gold and silver.
"The patterns in these markets (straight lines up at overbought levels) are extremely unusual. We have no trade at this time, but are watching closely for potential entries," they said.
New York spot gold prices were trading at $1,309.50 an ounce.
were up 14 cents, or 0.6%, at $21.88 an ounce.
New York spot platinum prices were higher by $15 or 0.9% at $1,647 an ounce, while its sister metal was gaining ground.
More on Commodities
New York spot palladium prices were inching up by $5, or 0.9%, to $565 an ounce.
A handful of mining stocks and precious metals ETFs were trading in mixed territory Wednesday afternoon. Mining stocks offer another form of exposure to precious metals.
was rising by 0.4% to $46.93, while
Freeport-McMoRan Copper & Gold
was falling 1.4% to $85.78.
Pan American Silver
was surrendering 1% at $29.24.
North American Palladium
, one of the biggest precious metal gainers of the day, was up 2.3% to $4.07.
SPDR Gold Trust ETF
was flat at $127.74 and
ETFS Physical Palladium Shares
was adding 1.2% at $56.63.
-- Written by Andrea Tse in New York.
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