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Metals Stocks: Gold settles at a more than 3-month high a day after posting a 3-week low

Gold prices rallied Thursday, settling at their highest in more than three months—just a day after posting a three-week low—as a leading dollar index suffered a sharp retreat.

Benchmark U.S. stock indexes, meanwhile, headed higher, with the S&P 500 index SPX, +0.82% looking at its first three-day win streak in six weeks as gold futures settled. Strength in the stock market has limited gold’s overall rise week to date.

Traders have stepped in “to buy the dip in gold prices on some perceived bargain hunting and by some short covering from the futures traders,” said Jim Wyckoff, senior analyst at Kitco.com.

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