Gold Price Rebounds on Short Covering, Bargain Hunting, Weaker U.S. Dollar Index

New York (Nov 19)  Gold prices have extended their  early gains and are trading moderately higher in late-morning dealings Thursday. After hitting a 5.5-year low on Wednesday, the precious metal is seeing a bit of short covering in the futures market and some perceived bargain-basement buying in the cash. Gold had also become technically oversold on a short-term basis, and was due for an upside correction in the existing downtrend on the daily chart. The weaker U.S. dollar index on this day is also a positive daily element for the gold market bulls. February gold was last up $11.60 an ounce at $1,180.20. 

Spot silver rose nearly 1% to $14.38. However, platinum was satill down nearly $5 at $856 while palladium fell $8 to $539.

Source: KitcoNews