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Gold Prices Higher, Push To Daily Highs, As U.S. Dollar Index Sells Off

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(Kitco News) - Gold prices are moderately up and near their session highs in late-morning price action Wednesday. The yellow metal has moved north as the U.S. dollar index moves south and its trading near its daily low. Short covering in the futures market and perceived bargain-basement buying in the cash market are featured. There are also reports China and the U.S. may be moving closer to a trade agreement, which could be extrapolated to mean an agreement would produce more U.S.-China commerce and in turn better demand for precious metals coming from China. December gold was last up $4.70 an ounce at $1,206.70.

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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