KITCO NEWS – Gold is slightly higher this Thursday but the metal is looking tired and in need of a ‘fresh new catalyst,’ says Kitco Metals’ global trading director, Peter Hug. Gold prices are supported by some short covering in the futures market and perceived bargain-basement buying in the cash market, coupled with weakness in the U.S. dollar. ‘Right now gold is in a tight range,’ Hug said. ‘We got over $1,260 slightly this morning but I would like to see a close over there before any momentum generates itself on the upside.’ Despite range-bound trading, the veteran trader remains bullish on the yellow metal, noting that he doesn’t expect interest rates to rise in the U.S. this year. December Comex gold was last up $4.60 an ounce at $1,258.40. December Comex silver was last down $0.03 at $17.475 an ounce.
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