http://www.thestreet.com/story/10645049/1/gold-price-rises-as-russia-buys.html?puc=_cnnmoney&cm_ven=CNNMONEY&cm_cat=Free&cm_pla=Feed&cm_ite=Feed
Gold Price Rises as Russia Buys By Alix Steel12/14/09 - 10:32 AM ESTa.. Stock quotes in this article: GDX , GDXJ , GLD , NEM , ABX , KGC , FCX NEW YORK (TheStreet) -- Gold prices rise on the diving U.S. dollar and Russia buying more gold. a.. More on GDXa.. Charts Show Some Toppinessa.. Inside Barrick's Gold Price Strategya.. Personal-Finance Moves to Make in 2010a.. Market Activitya.. Mrkt Vctrs:Jr Gld Miners| GDXJUPa.. Barrick Gold Corporation| ABXUPa.. Kinross Gold Corporation| KGCDOWN Reports from Moscow indicate that Russia's central bank will buy 30 tons of gold from the state repository bringing the country's total gold holdings to 5%. The sale strengthens the notion that global central banksare transitioning from net sellers of gold to net buyers. This follows the Reserve Bank of India's purchase of 200 tons of gold at record prices from the IMF in early November. Although gold prices are down from their $1,226 highs, the precious metal was adding $4.20 to $1,124.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold delivery for February, the most actively traded contract, has traded as high as $1,128.90 and as low as $1,111.70. Risk appetite returned to equities after Abu Dhabi eased fears over Dubai's credit crisis by offering $10 billion in emergency funds. The good news buoyed investor sentiment but put pressure on the U.S. dollar. The U.S. dollar index was slipping .20% to $76.41 after rallying last week against the Euro. Silver prices were adding 21 cents to $17.28 while copper was up 2 cents to $3.15. Mining stocks, typically a more leveraged way to invest in gold, were mixed. Large cap miner,Barrick Gold(ABX Quote) was trading down to $39.58 while Newmont Mining(NEM Quote)was flat at $51.18. Shares of Freeport McMoran Copper & Gold(FCX Quote) were at $76.81 while Kinross Gold(KGC Quote) was trading at $19.23. The most popular physically backed gold ETF, SPDR Gold Shares(GLD Quote) was rising .65% to $109.32. Market Vectors Gold Miners(GDX Quote) was trading at $47.82 while shares of Market Vectors Juniors(GDXJ Quote) were jumping 1.23% to $25.53.
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