Gold Jumps as Dollar Slides in Monday Morning Trading

NEW YORK ( TheStreet) -- Gold prices were jumping higher on Monday as the U.S. dollar slipped against a basket of currencies.

Gold for August delivery at the COMEX division of the New York Mercantile Exchange was gaining $13.60 to $1,335.10 an ounce. Gold was trading as high as $1,338.10 and as low as $1,322.60 an ounce, while the spot price was adding $3.49.

On Friday, gold dropped $7.30, or 0.55% to pare its gain for the week to 2.2% to post a three-week winning streak.

Silver prices for September delivery were increasing 26 cents to $20.04 an ounce, while the U.S. dollar index was slipping 0.02%.

The CFTC's commitment of traders report found that managed money long positions increased by 5,256 contracts from the previous week and that shorts dropped 8,257 contracts.

-- Written by Joe Deaux in New York.

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