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Gold Firmer, Supported By Sell-Off in U.S. Dollar
(Kitco News) - Gold prices ended the U.S. day session firmer Tuesday on a short-covering and bargain-hunting bounce from recent selling pressure. Also, the U.S. dollar index was sharply lower Tuesday, which worked in favor of the precious metals and the raw commodity sector bulls. The greenback and its daily movements continue to exert a keen influence over the metals and many other markets. August Comex gold was last up $5.10 at $1,193.80 an ounce. July Comex silver was last up $0.10 at $16.78 an ounce.
The other key “outside market” on Tuesday was also bullish for the metals, as crude oil prices were higher and hit a two-week high. On tap late this week is a key OPEC oil cartel meeting in Vienna, Austria. The Saudi Arabian oil minister says OPEC’s strategy of not cutting its production is working at weeding out the not-so-strong producers—namely U.S. shale producers.
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