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Comex Gold Rallies on Short Covering, Bargain Hunting in Wake of Tepid U.S. Jobs Data
By Kitco · May 4, 2012 · 8:24 am · Leave a Comment
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Comex gold futures have pushed above unchanged and are trading near the daily high in late-morning dealings Friday. The weaker-than-expected U.S. employment report issued earlier Friday has prompted some short covering and bargain-hunting buying interest in gold following recent selling pressure.
Sharply lower crude oil prices and a steady U.S. dollar index are bearish “outside market” forces that are somewhat limiting the upside in the gold market, however. The gold market bulls are noting the continued uncertainty regarding the European Union sovereign debt crisis, and the upcoming weekend elections in France, as providing a bit of safe-haven buying demand for the yellow metal. June gold last traded up $10.00 an ounce at $1,644.80.
