NEW YORK (
) -- Gold futures look for direction as the precious metal continues to trade on dollar volatility.
December-dated gold futures were falling 30 cents to $1,058.30 an ounce at the Comex division of the New York Mercantile Exchange. The contract has traded as low as $1,052 and as high as $1,062.40. Silver prices were flat at $17.55 an ounce.
Strength in the U.S. dollar put pressure on the precious metal as an alternative investment. Shares of State Street's
SPDR Gold Shares ETF
were trading up a penny at $103.76. Another physically backed ETF,
ETFS Gold Trust
was ticking down a penny to $105.72.This comes after ETF Securities reported its total assets increased to $200 million due to steady investment demand.
In mining stocks,
Freeport-McMoRan Copper & Gold
received a slew of upgrades after the company reinstated its dividend and reported a better than expected third quarter. Anthony Rizzuto, managing director of metals and mining at Dahlman Rose & Co., raised his price target on the stock to $125 from $90 citing continued strength in the copper market. Shares are currently popping 2.8% to $81.98.
were trading down 0.6% to $45.29 after Peru gave the company approval to start acquiring mining prospects.
-- Reported 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.