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BEND, Ore. (AP) - Short covering and an end to recent U.S. dollar gains boosted prices for gold and other precious metals in New York on Thursday morning.
In morning trading, August gold was up $11.70 to $578.20 a troy ounce on the New York Mercantile Exchange. July silver added 38.5 cents to $10.12 an ounce.
Short covering is the purchase of a commodity by a short seller — someone who profits when the price goes down — to replace those borrowed at the time of a short sale.
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