Gold prices ended the U.S. day session with modest gains Thursday, but well down from highs seen early in the session. However, traders were still impressed by the yellow metal’s ability to hold any gains at all, given the very bearish outside market forces—a sharply higher U.S. dollar index and sharply lower crude oil prices. Short covering in the futures market and bargain hunting in the cash market were featured. Also, better demand for physical gold coming out of Asia this week, especially from China, was a bullish factor for gold. April Comex gold was last up $7.00 at $1,208.50 an ounce. May Comex silver was last up $0.116 at $16.59 an ounce.
