Precious metals prices climbed higher Wednesday while the U.S. dollar and oil retreated. U.S. stocks rallied late and gold marked its first gain since its explosive $70 surge on Thursday.
For the daily bullion numbers, New York gold, silver and platinum futures gained 1.3 percent, 0.6 percent and 0.5 percent, respectively.
May silver rose 8 cents to $13.437 an ounce.
April platinum gained $6.00 to close at $1,123.70 an ounce
Gold for April delivery advanced $12.00 to end at $935.80 an ounce.
"Gold has fallen in the past few days because equities really shot up," Tetsuya Yoshii, vice president for derivative products at Mizuho Corporate Bank Ltd, was quoted on Bloomberg. "But with all the money being pumped into the system everywhere in the world, inflation is going to be a problem in the future and that’s what will keep gold stable in its current $850 to $950 range."
In spot trading, the London afternoon gold-fixing price — a benchmark for gold traded directly between big institutions — stood at $929.00 an ounce. The London market for silver and platinum ended at $13.16 and $1,122.00, respectively.
Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar. A rising greenback makes dollar-denominated commodities, like bullion, more expensive for holders of other world currencies.
Oil and gas prices
Crude-oil for May delivery fell from Tuesday’s near four-month high of $53.98. Oil ended down $1.21, or 2.2 percent to $52.77 a barrel as a government report showed that U.S. crude inventories jumped to the highest level since 1993 due to lower demand.
In news for consumers, gasoline at the pump again moved higher. The average price for regular unleaded gasoline increased 2 cents to $1.986 a gallon, which is 6.6 cents higher than a week ago.
U.S. stocks ended higher Wednesday thanks to a late session rally. In initial tallies, the Dow gained 90, or 1.2 percent. The S&P rose 7 points, or 0.9 percent, and the Nasdaq advanced 12 points, or 0.8 percent.