Gold Mildly Supported By Big Rally In Crude Oil, Weaker U.S. Dollar
(Kitco News) - Gold prices are trading with slight gains in late-morning action Friday. The yellow metal is supported by a strong rally in crude oil prices, with Nymex futures up around $2.00 a barrel, after the OPEC cartel agreed to raise is collective oil production by only 1 million barrels per day. The U.S. dollar index is trading lower on the day, which is another "outside market" element working in favor of the precious metals bulls. August gold was last up $2.00 an ounce at $1,272.50.