KITCO NEWS -- Gold prices managed to gain some ground near the close on Thursday after dropping to their lowest level in a week. However, author and commodities broker Carley Garner said the metal is due for a "modest" correction.
"I personally think the $1,300 level will hold as resistance," she told Kitco News on Thursday. The senior analyst for DeCarley Trading noted that gold is finding support mainly from geopolitical tensions, which seem to be dissipating. "I think it's geopolitical risk or nothing at this point for gold," she said. Garner added that the U.S. dollar is likely to remain well supported, which would be another factor working against the yellow metal. "Gold won't benefit from a weaker dollar any time soon." Gold managed to take on 40 cents to settle the day at $1,283.80 an ounce.