Gold Prices Reclaim Their Luster (Update 1)

NEW YORK (TheStreet ) -- Gold prices followed stocks higher Tuesday as the dollar weakened and prices broke above key technical levels.

Gold for February delivery added $23.40 to settle at $1,631.50 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,641.40 and as low as $1,609.20 an ounce while the spot price was up $22, according to Kitco's gold index.

Silver prices rose $1.03 to close at $29.79 an ounce while the U.S. dollar index was shedding 0.21% at $80.81. ...