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Gold Shows Impressive Resilience In Face Of Surging Greenback

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Live 24 hours gold chart [Kitco Inc.]

(Kitco News) - Gold have lost some of their earlier gains in late-morning action Thursday, but are still trading with moderate advances on the day. Impressive is the fact that gold and silver prices are holding well above unchanged despite a strong surge in the U.S. dollar index today. Today's gains in the USDX, and its big trading range, are the biggest in quite some time. The fact that gold is faring well today, including holding above the key $1,300.00 level, strongly suggests the yellow metal has bottomed out and that prices can trade at least sideways in the near term, if not sideways to higher. August gold was last up $6.10 an ounce at $1,307.50.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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