Gold Price Rallies as U.S. Dollar Index Backs Down, Rumors Circulate

New York (Jun 1)  Gold prices are posting decent gains and poked back above the key $1.200.00 level in morning trading Monday, after trading below unchanged in earlier dealings. The yellow metal is seeing a good short-covering and bargain-hunting bounce as the U.S. dollar index has backed well down from solid gains seen in overnight trading. There are presently rumors swirling in the market place that Greece and its IMF/EU creditors have reached a debt-restructuring deal. However, as of this writing nothing has been confirmed. Still, the news has pressured the greenback, which in turn has given gold a good lift. August Comex gold futures were last up $11.10 an ounce at $1,201.30.

Source: KitcoNews