Gold market prices have pushed modestly above unchanged in mid-morning dealings Tuesday. Some short covering and bargain hunting are featured on the rebound.
The U.S. dollar index is trading slightly lower and near its daily low, which is a mildly short-term supportive factor. But the overall strength of the greenback as it hovers near this week’s four-year high remains a major bearish anchor for the precious metals.
Gold market bulls were also encouraged their yellow metal prices did not sustain a sell-off in the aftermath of a stronger-than-expected U.S. GDP report issued earlier Tuesday morning. February Comex gold was last up $4.50 an ounce at $1,201.10.