NEW YORK (
were rising Tuesday despite U.S. dollar strength.
Gold for February delivery was rising $3.10 to $1,133.60 an ounce at the Comex division of the New York Mercantile Exchange. Prices have traded as high as $1,140.70 and as low as $1,127.50. The
was rising 0.53% to $77.50.
U.S. dollar was rising against the euro
as European debt issues and weak German investor confidence pressured the currency. Gold should have been trading in opposition to the U.S. dollar, resulting in a selloff, but the precious metal was finding support from bargain hunters on the back of
. "I just think it's a lot of book squaring going on," says George Gero, vice president of global futures at RBC Capital Markets. "And now for the first time
gold's following the lead of the PGMs which is the platinum group metals."
recently launched two U.S. physically backed platinum and palladium ETFs,
ETFS Physical Platinum
ETFS Physical Palladium
. Both ETFs have seen strong investment demand as traders look for riskier trades in the precious metal sector. Platinum and palladium were continuing their bull run Tuesday at $1,620.90 and $455.35, respectively.
were adding 16 cents to $18.59 while copper was up 4 cents at $3.40.
Mining stocks, a more leveraged way to
, were mixed.
was slipping slightly to $39.36 while other large cap miner,
was rising 0.71% to $47.91. Shares of
Freeport McMoran Copper & Gold
were flat at $84.39 while
was adding 1.17% to $82.36.
was rising 2.90% to $30.86 after its CEO, Arthur Hood, announced his resignation. Shares of
were flat at $11.64.
SPDR Gold Shares
was relatively unchanged at $111.22. The ETF shed almost a ton on Friday as investors took profits before the long holiday weekend.
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.