Gold Futures Climbs Despite Higher US Dollar

Gold futures contract gained on Thursday despite several negative impacts to push the precious metal back to negative territory. Gold futures contract for June delivery surged 0.6 percent or $9.10 to settle at $1,557.50 per ounce on the Comex division of the New York Mercantile Exchange. The respective contract touched its intraday high of $1,577.70 per ounce for the day.

Gold moved more in volatile movement in reaction to movement of the greenback and also shed its gains after the midday when US dollar strengthened. Moreover, some short covering investors also rolled over their August contracts which resulted in support for the precious metal.

Further, on Wednesday’s session gold substantially declined reporting the loss of more than $28 in reaction to doubtful European Leaders Summit where the contingency plans in case of Greece’s exit from the European Union was actually discussed. Investors also took fresh positions on the precious metal after its heavy fall on Wednesday.

Analysts at VTB Capital commented, “Markets were skeptical over the EU growth summit and scared after finance ministers of the euro zone finally agreed to call on individual member states to start preparing contingency plans.”

The dollar index also remained up with limited the gold gains. The ICE dollar index gained to 82.349 on Thursday as compared to 82.073 on Wednesday’s late trading hours.

Among other base metals, silver futures contract for July delivery advanced 2.3 percent or $0.64 to $28.16 per ounce while copper futures for the same month delivery rose 1 percent or $0.03 to settle at $3.43 per pound.

Platinum futures for July delivery climbed 0.6 percent or $8.30 to settle at $1,422.40 per ounce while its sister metal palladium futures for June fell 0.6 percent or $3.60 to settle at $587.50 per ounce.

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