Gold prices are moderately higher in early U.S. trading Wednesday, boosted on some short covering and bargain hunting. A weaker U.S. dollar index is also adding some buying interest to the precious metals markets Tuesday. The gold market bulls have now pulled themselves back up onto a level near-term technical playing field with the bears. June gold was last up $12.30 at $1,307.50 an ounce. Spot gold was last quoted up $13.70 at $1,309.00. July Comex silver last traded up $0.438 at $19.99 an ounce.
The just-released U.S. producer price index for April was a bit “hot” at up 0.6%. However, the gold market showed little reaction to that data.