Investors Take Fresh Position in Gold on Attractive Levels

Gold futures gained on Thursday as investors took fresh position on the precious metals due to its attractive levels. Gold fell in the prior session in reaction to comments of Ben Bernanke who expressed his doubts on US economic recovery.

Gold futures for April delivery gained 0.6 percent or $10.90 to settle at $1.722.20 per ounce on the Comex division of the New York Mercantile Exchange. The respective contract touched its intraday high of $1,726.40 per ounce.

Market strategist, Adam Klopfenstein from Archer Financial Services in Chicago commented, “It was a dead-cat’s bounce for gold on equity strength, some overleveraged investors were forced out of the trade as gold fell 4.3% on Wednesday,” he further added, “The metal needs to hold on to $1,705-$1,700 an ounce this week to have hopes for another leg up.”

Other metals also followed the gold rally especially silver which surged 2.9 percent for the day. Silver futures contract for May delivery gained 2.9 percent or $1.02 to settle at $35.66 per ounce. Copper futures for the same month delivery surged 1.4 percent or $0.05 to settle at $3.92 per pound.

Platinum futures contract for April delivery also jumped 0.5 percent or $8.50 to $1,701.10 per ounce while its sister metal palladium futures contract for June delivery advanced 1.2 percent or $8.35 to $715 per ounce.

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