NEW YORK ( TheStreet ) -- Gold prices clawed higher Tuesday as the U.S. dollar fell on hopes that Europe will make progress on stemming its debt crisis. Gold for February delivery added $4.40 to close at $1,718.90 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,721.70 and as low as $1,702.70 an ounce while the spot price was up $9, according to Kitco's gold index. Silver prices lost 29 cents to close at $31.95 an ounce while the U.S. dollar index was down 0.23% at $78.99.
Gold prices held after a monster rally Monday that pushed prices up 1.5%. Helping gold today was also a stronger U.S. stock market, leaving less need for investors to dump gold for cash. gold mining stocks were mixed Tuesday. Kinross Gold ( KGC) was down 0.31% to $13.02 while Randgold Resources ( GOLD) was jumping more than 8%, reversing its losses from Monday on an upgrade to buy from Investec Securities. Other gold stocks, Eldorado Gold ( EGO) and Yamana Gold ( AUY) were trading at $16.88 and $15.68, respectively. -- Written by Alix Steel in New York. >To contact the writer of this article, click here: Alix Steel.