Gold Prices Push Modestly Higher on Short Covering, Bargain Hunting, as U.S. Stock Market Sells Off

New York (Sept 22)  Gold prices have erased early losses and moved to modestly higher levels in midday trading Monday. In early dealings the gold market dropped to a nearly nine-month low. However, as the U.S. stock market is feeling more selling pressure at midday, that has encouraged gold traders to do some bargain hunting and short covering. December gold last traded up $3.30 an ounce at $1,219.70.

Spot silver rises 27 cents to $17.83 mostly on light bargain hunting volume, while palladium falls nearly $6 to $803, a 3-month low.

Source:  KitcoNews