Precious metals end higher on short covering, oil rally

CHICAGO, Dec. 31 (Chinese media) -- Pushed by the year-end short covering and

oil's big rally, precious metals futures on the COMEX Division of the New York

Mercantile Exchange climbed quickly and settled higher in the last trading day

of 2008.

Gold price for February delivery rose 14.30 U.S. dollars, or 1.6 percent,

to 884.30 dollars an ounce. March silver gained 31.5 cents to 11.295 dollars per

ounce. April platinum ended at 941.5 dollars per ounce, up 24.1 dollars.

Analysts indicated it was the year-end short covering that pushed gold to

climb sharply after it touched as low as 857.3 dollars during the early trade.

The U.S. dollar was mixed against other major currencies on the final

trading day of 2008, but crude oil in NYMEX gained more than4 dollars when the

gold ended in trading floor time, which provided strength to gold's soaring.