Gold Futures Gain on Attractive Levels

Gold futures contract for June delivery gained on Thursday as the Investors opt bargain hunting on the precious metal due to its attractive levels. Gold along with other commodities plunged in earlier sessions in reaction to the decision of the US Federal Reserve to stop its quantitative easing program due to improvement in US economy.

Gold futures contract for June delivery gained 1 percent or $16 to settle at $1,630.10 per ounce on the Comex trading division of the New York Mercantile Exchange. Gold touched it’s lowest for the week on Wednesday which attracted investors to take fresh positions in it. The precious metal is down 2.5 percent for the week.

However, gold’s surge was capped on Thursday as the greenback stood strong and US stock market remained lower. The dollar index DXY which measures the US dollar’s performance versus its six major rival currencies gained to 80.075 on Thursday as compared to 79.764 on Wednesday’s North American trading session while the Dow Jones Industrial Average fell 15 points to close at 13,060 for the day.

Among other base metals, silver futures contract for May delivery surged 2.2 percent or $0.69 to close at $31.73 per ounce while copper futures contract slightly gained 0.1 percent to $3.80 per pound. Copper has declined 0.8 percent for the week.

Platinum futures contract for July delivery surged 0.6 percent or $0.09 to settle at $1,607.60 per ounce while its fell 2.2 percent for the week. Palladium for June delivery advanced 1.9 percent or $12.5 to $644.80 per ounce while the respective contract declined 1.4 percent for the week.

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