Gold Prices Higher, Push To Daily Highs, As US Dollar Index Sells Off

New York (Sept 12)  Gold prices are moderately up and near their session highs in late-morning price action Wednesday. The yellow metal has moved north as the U.S. dollar index moves south and its trading near its daily low. Short covering in the futures market and perceived bargain-basement buying in the cash market are featured. There are also reports China and the U.S. may be moving closer to a trade agreement, which could be extrapolated to mean an agreement would produce more U.S.-China commerce and in turn better demand for precious metals coming from China. December gold was last up $4.70 an ounce at $1,206.70.

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