Source: Marketwatch
San Francisco— Gold futures stood on firmer footing Thursday, moving closer to $1,400 an ounce as American investors and Chinese buyers demonstrated a fresh interest in the metal and the dollar weakened. Gold for February delivery added $10.20 to $1,398.60 an ounce on the Comex division of the New York Mercantile Exchange. The metal traded as high as $1,399.70 earlier, picking up speed after a dollar rebound fizzled. �It�s all about a weaker dollar today,� said Charles Nedoss, a senior market strategist with Olympus Futures in Chicago. Gold inched up when the dollar saw some strength, and picked up when that strength died down, he said.
Other metals tracked gold higher on Thursday. Taking some pressure off metals and other commodities, the dollar weakened on Thursday versus key competitors after starting the day on the rise. The dollar index, which compares the U.S. unit to a basket of six currencies, recently traded at 80.17 from 80.73 in late North American trade on Wednesday. See full story.
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