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Gold At Daily Highs On Bargain Buying, Short Covering

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(Kitco News) - Gold prices are trading moderately up and at their session highs in late-morning action Friday. Shorter-term futures traders are exiting their previously sold, or short, positions heading into the weekend. Also, after prices dropped to a 12-month low overnight some perceived bargain-basement buying has surfaced today. It could also be that smart-money traders are looking just over the horizon and reckoning that the U.S. and Iran could be on a collision course--possibly militarily--regarding tightening U.S. economic sanctions on Iran, and Iran's bellicose rhetoric toward the U.S. in recent weeks. Such a scenario would likely be bullish for safe-haven gold and silver markets. December gold was last up $7.00 an ounce at $1,227.10.

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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