Gold & Silver Prices Push Above Unchanged As US Dollar Index, Stocks Weaken

New York (Oct 6)  Gold and silver prices have erased early losses that pushed prices to two-month lows, in late-morning dealings Friday. The U.S. dollar index has backed down from its session high and the U.S. stock indexes are also weakening, which has prompted metals traders to do some short-covering in the futures markets, and a bit of bargain buying in the cash markets, heading into the weekend.

However, the price advances in gold and silver are being tempered by solid declines in the Nymex crude oil futures market, with oil dropping back below $50.00 a barrel. December gold was last up $2.20 an ounce at $1,275.30. December silver was last up $0.057 at $16.695.

KitcoNews