Gold Price Modestly Up, At Daily Highs, As U.S. Dollar Index Weaker

New York (May 9)  Gold prices have moved to their session highs in late-morning trading Wednesday, at the same time the U.S. dollar index has dropped below unchanged and is trading near its daily low. Some short covering in the futures market and perceived bargain hunting in the cash market are helping to lift the yellow metal. June gold futures were last up $3.00 an ounce at $1,316.80.

By 10:30am EST spot gold was up $5 to $1,316, while spot silver added 15 cents at $16.59. Moreover, both platinum and palladium each rose modestly.

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