Gold Prices Push Above Unchanged As Traders Buy The Dip

New York (July 23)  The gold market has moved to daily highs in late-morning trading Tuesday, with modest gains, as traders stepped in to "buy the dip" on some early price weakness. In a bull market, traders tend to continually step up as buyers when prices are weaker, to keep the near-term price uptrend alive. Also impressive today for the gold market bulls is that their metal is firmer despite solid gains in the U.S. dollar index, which has reached a five-week high today. August gold was last up $2.20 at $1,429.30.

By 11:10am EST spot gold was up $6 to $1,425, while spot silver bouced more than 1% to $$16.45. However, spot palladium slid $2 to $1,518.

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