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Gold, silver post solid rebounds on short covering, bargain buying

From kitco.com

Gold and silver prices are posting good gains in midday U.S. trading Wednesday. After gold hit a three-week low Tuesday and silver hit a 3.5-month low overnight, the bulls decided to step in and buy the dip by doing some short covering in futures and bargain hunting in the cash market, on this last trading day of the month and of the quarter. A pullback in the U.S. dollar index today also aided the metals market bulls. April gold futures were last up $24.00 at $1,707.90 and May Comex silver was last up $0.248 at $24.39 an ounce. Today’s U.S. ADP national employment report for March showed a jobs gain of 517,000, ... (full story)

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  • Category: Fundamental Analysis