Silver, gold and platinum moved higher Wednesday following prior day losses. Crude-oil continued to rise while U.S. stocks mostly declined in volatile trading.
In New York trading futures for bullion:
Silver for May delivery jumped 24.5 cents, or 2.0 percent, to $12.305 an ounce.
Gold for June rose $9.80, or 1.1 percent, to $892.50 an ounce.
- July platinum gained $21.10, or 1.8 percent, to $1,178.70 an ounce.
"Gold continues to have difficulty getting above $890 an ounce, but is still trying," Miguel Perez-Santalla, a sales vice president at Heraeus Precious Metals Management in New York, was quoted on Bloomberg. "Any negative economic news may give it the push needed. Silver remains lackluster as there continues to be concerns whether the market is trying to jump the gun or if the recovery has begun or not."
In spot bullion, the benchmark London gold fix price stood at $886.00, or $2.75 lower than Tuesday. Silver fell 2 cents to $12.12. Platinum was fixed $16.00 higher to $1,174.00.
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 gasoline prices
Crude-oil shifted slightly higher Wednesday. Oil rose 20 cents, or 0.6 percent, to finish at $48.85 a barrel. For the second straight day, consumers paid two-tenths of a cent more at the pump compared to the previous day. AAA said the national average for unleaded gasoline was $2.062 a gallon, which is 1.1 cent higher than a week ago.
In volatile trading, U.S. stocks erased earlier gains and ended mostly lower.
The Dow Jones industrial average fell 82.99 points, or 1.04 percent, to 7,886.57. The S&P 500 Index dropped 6.53 points, or 0.77 percent, to 843.55. The Nasdaq Composite gained 2.27 points, or 0.14 percent, to 1,646.12.