Gold Prices Recovery Mid Morning On Short Covering, Bargain Hunting

New York (Nov 25)  Gold market prices have pushed modestly above unchanged in mid-morning dealings Tuesday. Some short covering and bargain hunting are featured on the rebound. The U.S. dollar index is trading slightly lower and near its daily low, which is a mildly short-term supportive factor. But the overall strength of the greenback as it hovers near this week's four-year high remains a major bearish anchor for the precious metals. Gold market bulls were also encouraged their yellow metal prices did not sustain a sell-off in the aftermath of a stronger-than-expected U.S. GDP report issued earlier Tuesday morning. February Comex gold was last up $4.50 an ounce at $1,201.10.

Spot silver was up 16 cemnts to $16.68, while platinum bounced $14 to $1,222 and palldium rose nearly $8 to $799.

Source: Kitconews