Gold futures swing sharply higher, as U.S. dollar pulls back

New York (Nov 14)   Gold futures prices have spiked higher in morning trade Friday, reversing an earlier loss of as much as 1.3% to be up $15.50, or 0.9%, at $1175 in recent trade, as the U.S. dollar pulled back from multiyear highs. The price had hit a low of $1,148 soon after 8:30 a.m. ET. The SPDR Gold Trust exchange traded fund GLD, +1.04% was up 0.9% at $112.62, erasing an earlier loss of 0.9% at an intraday low of $110.65. Prices had declined earlier, as the ICE U.S. Dollar Index rose as much as 0.6% to the highest level seen since June 2010. But the Dollar Index has since pulled back to be up just 0.1%.

Spot silver also bounced up 35 cents to $15.89 on short-covering.

Source:  MarketWatch