August Comex gold futures are trading higher shortly before the regular session opening. After hitting a six-week low on Monday on a fluke trade, the market is being driven higher today by bargain hunters and a weaker U.S. Dollar.
The dollar is down against a basket of currencies, led by a surge in the Euro. The single currency is being supported by hawkish comments from European Central Bank President Mario Draghi. The EUR/USD surged to its highest level in over a week after Draghi said factors weighing on inflation in the Euro Zone were mainly temporary and the ECB could look through them.