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P.M. Kitco Metals Roundup: Comex Gold Pops Higher on Short Covering, Safe-Haven Buying; Technicals Improve


(Kitco News) -Comex gold futures prices finished the trading session solidly higher and near the session high Thursday. Short covering, bargain-hunting buying interest and safe-haven investment demand boosted the yellow metal, as the civil unrest in Egypt escalated Thursday. Comex April gold last traded up $19.70 at $1,351.80 an ounce. Spot gold last traded up $16.20 at $1,351.75.


Gold prices quickly pushed higher just before midday Thursday, after trading in a choppy fashion just above or below the unchanged level earlier in the session. The rally in gold coincided with news reports that Egyptian protesters were going after journalists, live video from Egypt was squelched and tanks were patrolling the streets. Reports also said several people were killed Thursday in clashes on the streets. This prompted a safe-haven move into gold, and also prompted short covering and bargain-hunting buying interest. Precious metals traders will continue to keep a close eye on the latest developments coming from Egypt.


The U.S. dollar index also rallied Thursday and also saw a short-covering bounce, following recent selling pressure. A European central bank meeting Thursday saw remarks from banking chief Trichet suggest the EU bank may not move soon to raise interest rates. This was Euro bearish and U.S. dollar bullish. The U.S. dollar index was also boosted by some better U.S. economic data Thursday, upbeat comments from Fed chief Bernanke, and by some safe-haven buying interest in the greenback due to the Egypt unrest.


Traders are awaiting Friday's U.S. jobs report. That report is expected to show non-farm payrolls grew by around 135,000 in January. If the employment report shows more jobs strength than expected, look for the U.S. dollar index to rally and for gold to be pressured. Conversely, a weaker jobs number than expected would likely be gold-market-bullish and U.S. dollar-bearish.


The London P.M. gold fix was $1,328.00 versus the previous P.M. fixing of $1,337.00.