[Au Price]Gold Modestly Up on Tepid Short Covering, Bargain Hunting

By Paul Ploumis 24 Jul 2015 Last updated at 06:22:12 GMT

(Kitco News) - Gold prices ended the U.S. session modestly higher in a quieter trading day Thursday. Mild short-covering and a technical rebound in the futures market, and some bargain hunting in the spot market were featured. A lower U.S. dollar index on this day also limited selling interest in the precious metals market. August Comex gold was last up $2.50 at $1,094.00 an ounce. September Comex silver was last down $0.03 at $14.70 an ounce.

The market place was quieter Thursday amid no fresh, markets-moving fundamental developments occurring. Gold market bulls are desperately seeking some positive news to give their safe-haven asset a lift.

The key “outside markets” on Thursday saw the U.S. dollar index lower as trading has turned choppy this week after the index hit a three-month high on Monday. Meantime, Nymex crude oil futures prices were lower and hit another four-month low. The recent rise in the dollar index and downtrending crude oil prices have been a big drag on the entire raw commodity sector recently.

The London P.M. gold fix is $1,097.40 versus the previous A.M. fix of $1,101.65.

Courtesy: Kitco News