Comex Gold Pushes Higher on Short Covering, Bargain Hunting, Some Safe Haven Buying
By Jim Wyckoff
Comex gold futures have rallied from modestly lower price levels early on to trade modestly higher on the day Wednesday morning. A general rally in the raw commodity sector so far Wednesday is boosting the precious metals bulls.
Short covering and bargain hunting are featured in gold and silver. However, in gold there is also some fresh safe-haven demand surfacing ahead of the European Union summit on Thursday and Friday. August gold last traded up $5.70 an ounce at $1,580.60.