Gold for December delivery closed $7.40 higher to $1,347.70 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,351 and as low as $1,340 during Wednesday's session.
The U.S. dollar index was down 0.48% at $77.43 while the euro was up 0.75% to $1.39 vs. the dollar. The spot gold price Wednesday was adding more than $5, according to Kitco's gold index.
Gold prices have gained 2% this week on high volume. Most analysts expect any profit-taking to be met with dip-buying to support higher prices.James Moore, analyst at thebulliondesk.com, said the buying "mentality looks set to provide additional upside momentum with gold potentially looking to target $1,400." George Gero, vice president of global futures at RBC Capital Markets, believes there is a perfect storm brewing for stronger gold prices with higher open interest in the futures market teaming up with higher moving averages and higher closes. The technicals are all met against the backdrop of weaker global currencies as governments race to debase their currencies to increase exports and spur growth. "Other currencies
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