Updated from 10:54 a.m. ET with settlement prices
Gold for June delivery at the COMEX division of the CME popped $25.60, or 1.8%, to settle at $1,421.20 an ounce. The
"So we're seeing a significant amount of short covering going on, we've broken through some key psychological levels back to the upside at $1,400 to $1,408, $1,422," Phil Streible, senior commodities broker at RJO Futures, said in an interview.Streible said the short covering also was in line with physical buying, which he said jumped over the weekend. The move higher comes a week after gold saw its worst dollar loss ever, and a historic two-day collapse that left investors in the space uncertain if prices would find technical support any time soon. Silver prices for May delivery rose 36 cents to close at $23.32 an ounce, while the U.S. dollar index was slipping 0.05% to $82.71. While paper markets incurred deep losses at the beginning of last week, a number of gold analysts were saying physical demand for the yellow metal remained strong. "Right now the sales for April
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