NEW YORK (TheStreet) -- Gold prices lost ground Tuesday, putting an end to a recent rally in the yellow metal.
Amid thin holiday-week trading and mildly optimistic economic data, equities rose slightly and the U.S. dollar strengthened to its highest point in two months on Tuesday, putting pressure not just on gold but on commodities prices across the board.
In Tuesday trading on the Comdex division of the New York Mercantile Exchange, gold prices settled at $1,098.10, down $9.80.
Since before the long Christmas weekend,
, settling Monday at $1,107.90 an ounce.
Still, the fundamental underpinnings for a continued rise in gold prices remained intact, said John Doody, editor of the newsletter
. "This bull market has so much further to run," he said -- until, that is, a single criteria is met: the Fed putting an end to the negative-interest-rate environment.
Gold for February delivery, the most actively traded contract, went as high as $1,109.20 Tuesday and as low as $1,097.10. Silver prices were falling 46 cents to $17.10 an ounce, while copper gave up a little more than 3 cents to $3.30.
Mining stocks, a more leveraged way to play gold, were mostly lower Tuesday.
shares were down 1%, while
inched down by 0.2%. Shares of
were down 0.4% and 1%, respectively.
The physically backed gold ETF,
SPDR Gold Shares
, was down 1% to $107.56.
Market Vectors Gold Miners
Market Vectors Juniors
were trading at $46.54 and $26.01, respectively.
-- Written by Scott Eden in New York
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Scott Eden has covered business -- both large and small -- for more than a decade. Prior to joining TheStreet.com, he worked as a features reporter for Dealmaker and Trader Monthly magazines. Before that, he wrote for the Chicago Reader, that city's weekly paper. Early in his career, he was a staff reporter at the Dow Jones News Service. His reporting has appeared in The Wall Street Journal, Men's Journal, the St. Petersburg (Fla.) Times, and the Believer magazine, among other publications. He's also the author of Touchdown Jesus (Simon & Schuster, 2005), a nonfiction book about Notre Dame football fans and the business and politics of big-time college sports. He has degrees from Notre Dame and Washington University in St. Louis.