Weak dollar pushes prices higher
Bullion prices ended the U.S. day session moderately higher on Tuesday, 11 November 2014 at Comex. Gold settled fractionally higher on Tuesday near lows of the year after struggling to shake off early-session losses with the government, bond market and the banks closed down for Veterans Day.
Gold for December delivery settled up $3.20, or 0.3%, at $1,163 an ounce on the Comex division of the New York Mercantile Exchange. Gold worked its way out of an early loss in fits and starts, seeing a low of $1,145.50 an ounce and a high of $1,165.90.
December silver settled up less than a penny at just under $15.68 an ounce.
Short covering and bargain hunting were featured following selling pressure to start the trading week. A weaker U.S. dollar index Tuesday was also supportive for gold and silver markets. However, world stock markets that continue in rally mode amid better investor risk appetite limited the upside in the precious metals.
It was a quieter trading day in the market place Tuesday, due to the U.S. Veterans Day holiday that had the U.S. government closed. U.S. stock indexes were firmer and are hovering at or near their record or multi-year highs.
The modest 0.3% retreat in the Dollar Index helped commodities including crude oil gain.
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