Gold & silver prices rally on Short Covering & Bargain Hunting

San Francisco (Dec 16)  Gold prices are trading near their daily highs in late-morning dealings Monday, boosted by some short covering and bargain hunting, and on some position evening ahead of Wednesday's FOMC result. The key "outside markets" are also in a bullish daily posture for the precious metals Monday, as the U.S. dollar index is lower and crude oil prices are higher. Spot gold was last up $15 an ounce at $1,249, while spot silver price jumped 3% to $20.20.