Gold Firmer On Bargain Hunting, Weaker Dollar, Short Covering

Posted by Jim Wyckoff via Kitco

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(Kitco News) – Comex gold futures prices are modestly higher in early U.S. trading Thursday. Both gold and silver are posting corrective, short-covering bounces from selling pressure seen earlier this week, with some bargain hunting sprinkled in. The weaker U.S. dollar index is also a supportive outside market factor for the precious metals markets Thursday morning. December gold was last up $6.60 at $1,291.90 an ounce. Spot gold was last quoted up $5.20 at $1,293.00. September Comex silver last traded up $0.232 at $19.73 an ounce.

Chinese economic data released overnight was bullish for most of the market place and especially for the raw commodity sector.

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