Comex gold futures have pushed higher and are near their daily high in late-morning dealings Thursday. The yellow metal started its advance when the U.S. dollar index came under selling pressure following some fresh, weak U.S. economic data. The Philadelphia Fed business survey was released Thursday morning and it came in weaker than expected. That followed a weak housing starts report for July. December gold futures are now trading comfortably above the psychological level of $1,600.00. However, near-term trading, overall, remains choppy and sideways within a well-defined range on the daily chart.
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