NEW YORK ( TheStreet) -- New York spot gold prices are rising in midday trading following declines in the dollar ahead of the expectation that the Federal Reserve will not be hiking up interest rates at this stage of the game, as well as on ongoing concerns about global credit problems.
Spot gold prices are rising by $14.60, or 1.3% to $1,123.40 an ounce.
"Bullion prices climbed towards $1,115 overnight as overseas market participants helped gold recover from its two-week lows on the back of some bargain hunting in the low $1,100's and the continuing favorable nod it is receiving from various quarters worried about the impact of credit woes on certain currencies," Kitco analyst Jon Nadler writes.
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