Gold Futures Swing Sharply Higher, As U.S. Dollar Pulls Back

Gold futures prices have spiked higher in morning trade Friday, reversing an earlier loss of as much as 1.3% to be up $10.50, or 0.9%, at $1172 in recent trade, as the U.S. dollar pulled back from multiyear highs. The price had hit a low of $1,146 soon after 8:30 a.m. ET. The SPDR Gold Trust exchange traded fund was up 0.9% at $112.62, erasing an earlier loss of 0.9% at an intraday low of $110.65. Prices had declined earlier, as the ICE U.S. Dollar Index rose as much as 0.6% to the highest level seen since June 2010. But the Dollar Index has since pulled back to be up just 0.1%.

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