Comex Gold Extends Early Gains to Trade Sharply Higher; A Bit More Anxiety Regarding U.S. Budget Impasse
Wednesday October 2, 2013 8:35 AM
(Kitco News) - Comex gold futures prices have surged to sharply higher levels in late-morning trading Wednesday. At the same time the U.S. dollar index has slumped lower on ideas the present government budget impasse by U.S. lawmakers may last longer than many in the market place had originally thought. Bargain hunters have stepped in to buy the dip in gold prices, and short covering is also seen as prices have now taken back most of Tuesday's losses. Early on Wednesday gold prices fell to a nearly two-month low. The bulls have much more heavy lifting to do in the near term to negate the present price downtrend on the daily chart, let alone see prices begin to trend higher. December gold last traded up $33.60 an ounce at $1,319.30.