Gold Rallies on Short Covering and Bargain Hunting

New York (Dec 11)  Gold prices are posting a decent rally in late-morning dealings Friday. Some short covering in the futures markets, heading into the weekend, and bargain hunting in the cash market are featured following early selling pressure that was tied to the slumping crude oil market. The up-move in gold prices could also be some position evening ahead of next week's much-anticipated FOMC meeting that concludes Wednesday afternoon. February gold futures were last up $6.00 an ounce at  $1,078.00.

But spot silver slips 1% to $13.93 and platinum plunges $7 to $843, while palladium edges upward $2 to $544 on short-covering.

Source: KitcoNews