Heavy short covering in the futures market, bargain hunting in the cash market and even some safe-have demand were featured Monday as gold prices posted solid gains and pushed back above the key $1,200.00 level. Gold hit a five-week low last Friday and the bargain hunters decided to step in and buy the dip Monday. Buy stop orders triggered in the futures market helped accelerate the rally in gold. Worries about the Greek-EU/IMF debt talks prompted some safe-haven demand for the metal. The U.S. dollar index also sold off during the trading session Monday, which was another positive for the gold market. June Comex gold was last up $27.40 at $1,202.40 an ounce. May Comex silver was last up $0.699 at $16.335 an ounce.
