Gold climbed Wednesday along with nearly "everything else." In this report, the else is silver, platinum, oil and U.S. stocks. Most gains, however, were not exactly impressive.
In New York trading futures for bullion:
Silver for May delivery gained 13 cents, or 1.1 percent, to $12.34 an ounce.
Gold for June rose $2.60, or 0.3 percent, to $885.90 an ounce.
- April platinum climbed $12.40, or 1.1 percent, to $1,187.40 an ounce.
"Gold’s recovery continued for a second day on Wednesday, but the pace was seen as extremely cautious and advances were small in scale and tentative in nature," Jon Nadler, senior analyst at Kitco Bullion Dealers, wrote earlier in the day. "The start of reports related to earnings season was seen as the primary driver of markets as the midweek trading sessions prepared to get underway."
In spot bullion trading, the London gold-fixing price stood at $880.00 an ounce. Silver and platinum ended at $12.28 and $1,184.00, respectively. All made very modest gains.
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.
In other news for investors and coin collectors, Barry Stuppler, President of the American Numismatic Association, voiced his bullion insights and expectations. For those, read False, Misleading Gold Statements Abound.
Additionally, it was expected that US Mint gold coin prices would decline on Wednesday, and they did.
Oil and gasoline prices
A government report released Wednesday showed crude inventories on the rise, but the increase was less than investors expected — a cited reason for the slight up tick in crude-oil prices. Oil gained 23 cents, or 0.5 percent, to $49.38 a barrel.
In news for consumers, gasoline prices at the pump moved higher. The national average for unleaded gasoline jumped seven-tenths of a penny to $2.047 a gallon, according to AAA. That is the same price as a week ago.
U.S. stocks advanced Wednesday as well. The Dow Jones industrial average gained 47.55 points, or 0.61 percent, to 7,837.11. The S&P 500 rose 9.61 points, or 1.18 percent, to 825.16. The Nasdaq Composite climbed 29.05 points, or 1.86 percent, to 1,590.66.