GOLD PRICE NEWS – The price of gold oscillated between gains and losses on Tuesday as financial markets consolidated following yesterday’s broad-based rally. The spot gold price held in a narrow range between $1,728 and $1,736 per ounce in overnight trading, while the U.S. Dollar Index stabilized near unchanged at 80.896. The SPDR Gold Trust (GLD), the world’s largest gold ETF and a proxy for the price of gold, inched lower by $0.11 to $167.76 per share.
Silver held steady alongside the gold price, near the flatline at $33.16 per ounce. Among other precious metals, platinum futures dipped 0.3% to $1,579.50 per ounce while palladium slid by 0.6% to $641.40 per ounce. As for cyclical commodities, copper futures were unchanged at $3.53 per pound while crude oil fell 1.0% to $88.36 per barrel.
Gold stocks gave back a portion of yesterday’s gains as the Market Vectors Gold Miners ETF (GDX) retreated by $0.47, or 1.0%, to $47.30 per share. The Market Vectors Junior Gold Miners ETF (GDXJ), comprised of many small- and mid-cap gold stocks, moved lower by $0.13, or 0.6%, to $22.07 per share.
Barrick Gold (ABX), the world’s largest gold producer, dropped by 0.3% to $34.19 per share. Newmont Mining (NEM), the largest U.S.-based gold miner and the only gold stock included in the S&P 500 Index, declined by 0.9% to $46.37 per share.
(Rankings and analysis on nearly every stock in the GDX and GDXJ at GoldAlert Pro – http://pro.goldalert.com)
Gold prices showed a muted response this morning to the latest U.S. economic report, which showed that Housing Starts in October rose to a seasonally-adjusted level of 894,000 – well above the 840,000 consensus estimate among economists.
Looking ahead, investors will keep a close eye early this afternoon on Ben Bernanke, who is scheduled to speak at the Economic Club of New York. There, the Federal Reserve Chairman will deliver a speech enetitled “The Economic Recovery and Economic Policy” at 12:15pm ET.
Jacob Oubina, U.S. economist at RBC Capital Markets, wrote in a note to clients that Bernanke is “obviously going to say the Fed will be as accommodative as possible for the foreseeable future, but he’s not going to provide details on what the extension of (Operation) Twist will look like.”
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