Gold shorts send metal to key $1,200 (STA BREAKING NEWS and ARCHIVES)

by Theresa , Tuesday, December 02, 2014, 11:44

Short-covering boosted gold futures above the key $1,200 level, but a strong dollar and worries about global deflation could keep gains in check.

On the first day of December, gold rose to its best level since late October, after taking a major roller-coaster ride overnight.

Gold dipped low enough—to the $1,141 per ounce zone—to attract new buying, after the failure of a Swiss referendum Sunday that would have required the Swiss National Bank to hold 20 percent of its reserves in gold.

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