Gold Prices At Four-Week High On Rising Oil, Lower Stocks and U.S. Dollar
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(Kitco News) - The gold market is posting good gains in late morning dealings Friday. Outside markets are lending a helping hand to the precious metals markets bulls. The U.S. dollar index is lower and crude oil prices are solidly higher. U.S. stock indexes have also moved to lower levels on the day, which is also benefitting the safe-haven gold market. Pre-placed buy stop orders have also been triggered in the futures market when prices moved above near-term technical resistance levels. Gold prices are now poised to close at a bullish weekly high close today, and also close at the highest closing level in a month. December gold was last up $12.20 an ounce at $1,290.30.