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Gold futures on the COMEX division of the New York Mercantile Exchange slightly recovered Wednesday, as gains in the U.S. stock market and increased optimism about the upcoming Greek debt swap relieved some investors'concerns.
The most active gold contract for April delivery rose 11.80 dollars, or 0.71 percent, to settle at 1,683.90 dollars per ounce.
Analysts said that gold's rise Wednesday was an improvement over Tuesday's bearish atmosphere that saw gold fall to its lowest price in six weeks. Although gold still remains below Monday's levels, more positive outside data Wednesday morning allowed the metal to slightly recover.
After losing over 200 points Tuesday, the Dow-Jones Industrial average gained back 78 points, with it and other equities markets remaining positive and bolstering the confidence of some traders. Also spurring the rise in gold were gains in energy prices such as crude oil, and a weaker U.S. dollar brought about by added support for the Euro.
European prospects were seen as improved following reports that the upcoming Greek debt swap deal has been accepted by most investors, giving a more positive picture to afternoon trading and allowing the market to end higher.
Other precious metals also saw gains in trading Wednesday due to the bullish atmosphere. Silver for May delivery rose 80.2 cents, or 2.47 percent, to 33.585 dollars per ounce. Platinum for April delivery gained 15.4 dollars, or one percent, to 1,627.3 dollars per ounce. |
