Comex Gold Rallies on Bargain Hunting, Weakening U.S. Dollar

31 August 2010, 9:11 a.m.
By Jim Wyckoff
Of Kitco News
www.kitco.com

Comex gold futures have pushed higher and are trading near the daily high Tuesday morning. December gold last traded up $7.30 an ounce at $1,246.70.
Bargain-hunting buying interest on a dip in prices and a weakening U.S.
dollar index are lifting the gold market higher. A rebound in crude oil prices from its lower price levels is also supporting buying interest in the precious metals. Gold is also seeing some safe-haven-related buying support Tuesday morning on some trader notions that Tuesday afternoon's FOMC statement from the Federal Reserve will contain a more downbeat assessment of the U.S. economy.

 

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com

Editorís Note: Meet the Kitco News Team at the upcoming Kitco Metals eConference September 12-13, 2010. A not-to-be missed event featuring Ron Paul, Marc Faber and other industry heavyweights. The eConference is free with Pre- Registration www.kitcoeconf.com.

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