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NEW YORK ( TheStreet ) -- Gold prices popped on Monday after Standard & Poor's lowered its ratings outlook on the U.S., edging closer to the $1,500 level Gold for June delivery added $6.90 to settle at $1,492.90 an ounce at the Comex division of the New York Mercantile Exchange. The gold price was adding more than $9.80, according to Kitco's gold index. Prices traded as high as $1,498.60 and as low as $1,477.80. Gold for June delivery was recently trading $11.40 higher at $1,497.40 Silver prices for June delivery were surging 64 cents to $43.23.
People's Bank of China said it will raise the reserve requirement for banks by half of a percentage point to dampen inflation. Gold mining stocks, a risky but potentially profitable way to buy gold, were falling. Kinross Gold ( KGC) was falling 2% to $15.35 while Goldcorp ( GG) was down 0.4% at $53.93. Other gold stocks, Agnico-Eagle ( AEM) and Eldorado Gold ( EGO), were trading more than 1% down at $64.19 and $17.82, respectively.