Make Kitco Your Homepage

Gold Rallies on Short Covering, Value-Buying

Kitco News

Live 24 hours gold chart [Kitco Inc.]

(Kitco News) - Gold prices have pushed to their daily highs and are moderately up in morning trading Friday. Short covering in the futures market and some perceived value-buying in the cash market are lifting prices. Also, the U.S. dollar index has weakened a bit more since the start of U.S. day trading, which is supportive to the precious metals. A high-range close in gold Friday, combined with Thursday's close near the daily high, would begin to suggest the bears are exhausted and that gold prices could then at least trade sideways in the near term, if not sideways to higher. August gold was last up $6.10 at $1,230.20.

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.

Precious Metal Charts

Follow Kitco News