Gold Backs Off A Bit More As USDX Gains, Oil Prices Tank

(Kitco News) – Gold prices are now holding on to only modest gains after trading up nearly $20.00 on the day in earlier dealings. Some normal profit taking by the shorter-term futures traders is featured today. Gold is also pressured a bit by the U.S. dollar index moving up off its session lows and by Nymex crude oil prices dropping sharply and hitting a five-month low today. Still, the specter of lower global interest rates and weakening world economic growth are bullish elements for the safe-haven metals that will likely continue to support price gains in the near term. August gold was last up $6.20 at $1,334.70.

By Jim Wyckoff
For Kitco News


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