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Gold Prices Recovery Mid Morning On Short Covering, Bargain Hunting

Tuesday November 25, 2014 9:50 AM

(Kitco News) - Gold market prices have pushed modestly above unchanged in mid-morning dealings Tuesday. Some short covering and bargain hunting are featured on the rebound. The U.S. dollar index is trading slightly lower and near its daily low, which is a mildly short-term supportive factor. But the overall strength of the greenback as it hovers near this week's four-year high remains a major bearish anchor for the precious metals. Gold market bulls were also encouraged their yellow metal prices did not sustain a sell-off in the aftermath of a stronger-than-expected U.S. GDP report issued earlier Tuesday morning. February Comex gold was last up $4.50 an ounce at $1,201.10.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff



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 precious metal products, 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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