Gold Recovers On Weak Dollar
Author: Tatyana Shumsky</br></br>NEW YORK--Gold prices settled modestly higher as a weaker dollar ameliorated a midmorning dip on record-high U.S. crude-oil inventories.</br></br>The contract for April delivery settled $7.60, or 0.5%, higher at $1,423.80 a troy ounce on the Comex division of the New York Mercantile Exchange.</br></br>The most actively traded contract, for June delivery, ended up $7.40, or 0.5%, at $1,424.90 per troy ounce.</br></br>Gold prices started the day slightly higher as the market sought direction. At mid-morning, the U.S. Department of Energy said crude-oil inventories hit a record 41.9 million barrels last week, sending oil prices lower. Gold prices fell about $10 over 45 minutes.