XAU Inches Higher, Precious Metals Steady

Gold and silver shares held steady alongside precious metals Thursday morning, with the Philadelphia Gold & Silver Index (XAU) inching higher by 0.2% to 218.29.

The XAU – a composite of the world’s largest gold and silver mining companies – initially dipped following the better than expected ISM manufacturing report, but quickly rebounded into positive territory.
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Gold Price Holds Firm at $1,830

The gold price oscillated near $1,830 per ounce Thursday, trading near unchanged on the day.  After sliding off its $1,913 all-time high posted on Aug 22, the price of gold has been held in check under $1,850 as investors and traders weigh whether a deeper correction is in the offing.
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Gold Futures Rise 12.3% in August, Best Month Since Nov 9

Gold futures inched higher on Wednesday, with the COMEX December 2011 contract settling higher by $1.90, or 0.1%, at $1,831.70 per ounce.

In doing so, COMEX gold futures posted a 12.3% gain in August, marking its best month since a 12.8% surge in November 2009.
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