Gold Comes Off Highs After Housing, Income Reports

Gold Comes Off Highs After Housing, Income Reports
News
Like Us On Facebook
Like Us On Facebook

Gold prices were coming off intraday highs Tuesday after housing prices and personal income came in better than expected. Gold for December delivery was rising $1.90 to $1625.90 an ounce at the Comex division of the New York Mercantile Exchange.

The gold price traded as high as $1631.60 and as low as $1623 an ounce, while the spot price was up $3.20.

“Since that [personal income] plus the housing market came in a little bit better, prospect of Federal Reserve easing is a little bit lower,” said Phil Streible, seniorcommodities broker at RJO Futures.

Silver prices for September delivery were climbing about 21 cents to $28.24 an ounce, while the U.S. dollar index was sinking 0.21% to $82.66.

Gold rose about 2.5% last week amid speculation thatFed sentiment increased for quantitative easing efforts and after European Central Bank President Mario Draghi pledged to do whatever it takes to keep the single-currency bloc intact. Gold rose slightly on Monday as traders engaged in light buying ahead of the two-day Fed meeting that began Tuesday and will conclude Wednesday with an announcement of forthcoming monetary policy.

Streible said he thinks that ahead of the Fed announcement traders will either lighten up their positions or take profits off the bump gold prices received in the past few days.

Gold mining stocks were mostly flat at the opening Tuesday. Eldorado Gold (EGO) was off the most at $11.12, down 23 cents, or 2%, while Barrick Gold (ABX) was at $33.11, up 5 cents, or 0.16%.

Among other mining stocks, Newmont Mining (NEM), Agnico-Eagle Mines (AEM) andRandgold Resources (GOLD) were down less than 1%.

The Street

Share Tweet
React
Like Us On Facebook
Like Us On Facebook

Julian Sonny

From the sandy beaches of Hawaii, to the streets of New York: Julian has seen it all. His lifetime of travels has given him a broad scope of knowledge and an eclectic taste unlike any other in the tri-state area. Julian has often been compared to cultural icon, The Rock, because of his unequivocal work ethic and warrior-like stature.

More In News

World Emily Arata

This Hilarious ‘Grease’ Parody Is All The Convincing You Need For Legalized Weed

Sandy and Danny have never looked quite as marijuana-friendly as they do in 4 Twenty Today’s shot-for-shot parody of “You’re the One That I Want” from “Grease.” 4TT is a weed-friendly YouTube news channel that wholeheartedly supports Florida’s Amendment 2, which decriminalizes marijuana use for those with medical marijuana authorization. Sandy’s new incarnation, Mary Jane, […]

Also On Elite

Money

Don’t Let Them See You Struggle: 9 Ways To Own Your Craft And Come Out On Top

Regardless of your field of practice, there are some strategies for success and self-improvement that are universal. Whether you’re a law student, medical student, investment banker, athlete or intern, there’s a lot of overlap when it comes to establishing yourself as top dog. The people who notice this overlap and use their resources to get […]

World

The Palestine Rubble Challenge Highlights How Destruction Has Impacted Civilians

Palestinian journalist Ayman al Aloul was very moved by the ability of the ALS Ice Bucket Challenge to spread awareness of the crippling disease. So he decided to create his own version of the challenge to generate the same level of awareness for the thousands of Palestinians who have had their homes destroyed during the Israel-Gaza conflict. […]