Gold News & Info

Source: Marketwatch.com

San Francisco— Gold futures climbed Thursday as a $2 loss in the previous session and a weaker U.S. dollar spurred fresh interest in the yellow metal.

With slightly higher action in gold, the dollar weakening and "the oil markets fanning the flames of uncertainty, it seems as if gold has effectively shifted its track away from the downside," said Nell Sloane, an analyst at NSFutures.com in daily commentary.

Gold for December delivery climbed $1.10 to $433.30 an ounce on the New York Mercantile Exchange.

At last check, the dollar churned at a narrow disadvantage to most of the world's leading currencies, with the same themes tugging at the greenback – expensive oil and expectations for higher U.S. interest rates.

The dollar has been hammered vs. the euro this week but the precious metals are marching to a different drummer so far," said Dale Doelling, chief market technician at Trends In Commodities.

But December gold's support at $440 "seems to be very strong," he said, adding that he's "looking for a new weekly high above $445.70 which would turn the chart for December gold.

Among the other precious metals, September silver traded at $6.93 an ounce, up 0.8 cent. It closed at its lowest levels in seven weeks on Wednesday.

"I think we'll look back in six months and see that this was the best buying opportunity in silver that we'll see in a long time," said Doelling, adding that he's "buying as much silver as possible in anticipation of a major rally."

But any close below $6.85 would force him to reconsider his position, he said.

Industrial metal copper made only minor moves Thursday. September copper traded at $1.6665 a pound, down 0.5 cent.

"This market has been on a tear for what seems like forever, and a little backing and filling is just what this market needs in order for the trend to continue," said Doelling.

Elsewhere in the metals market, October platinum fell $1.90 to $898 an ounce, while September palladium stood at $185 an ounce, up 50 cents.

Tracking inventories, copper supplies were up 147 short tons at 8,923 short tons as of late Wednesday, according to Nymex. Silver stocks were up 45,397 troy ounces at 110.7 million, while gold inventories stood at 5.95 million troy ounces, down 129 troy ounces from the previous session.