Gold futures turned positive Thursday afternoon amid short covering and bargain
hunting in precious metals. Following two straight days of significant declines,
COMEX gold futures per the December contract rebounded from an intra-day loss
of $51.90 at $1,705.40 per ounce to settle higher by $5.90 at $1,763.20 per
ounce. Silver futures followed a similar trajectory, with the COMEX September
contract bouncing from as low as $38.76 early this morning to finish higher by
$1.57, or 4.0%, at $40.75 per ounce. Gold equities extended their gains this
afternoon, with the AMEX Gold Bugs Index (HUI) rising 2.0% to 582.14.
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