Gold Moves To Daily Highs On Short Covering, Bargain Hunting

New York (May 30)  Gold prices have moved above unchanged on the day and are posting slight gains in late-morning action Thursday. Some short covering by the futures traders and perceived bargain hunting in the cash market are supporting the yellow metal. However, the upside is limited by a higher U.S. dollar index and a modest rally in the U.S. stock market today. August gold was last up $1.20 at $1,287.50.

KitcoNews