Gold Futures Recover from Lowest in 10 Months

Gold futures gained on Thursday as investors took fresh positions in the precious metal due to its attractive levels. Gold futures contract for June delivery surged 2.5 percent or $38.30 to settle at $1,574.90 per ounce on the Comex division of the New York Mercantile Exchange. Analysts see technical support for the precious metal around $1,550 per ounce.

There was also much uncertainty in the market regarding Greece’s upcoming elections and the speculation that whether it will remain the part of the European Union. Moreover, regarding the precious metal’s demand, the World Gold Council reported that China has become the largest consumer of gold in first quarter of the year 2012 while India held the title in prior quarter. India’s gold demand has decreased by 19 percent in the first quarter while China’s demand of gold gained 7 percent for the respective period. India and China both accounted for 54 percent of total demand of gold in the world.

Among other metals, silver futures contract for July delivery gained 3 percent or $0.82 to settle at $28.02 per ounce. Copper futures for the same remained unchanged at $3.48 per pound.

Platinum futures contract for July delivery advanced 1.5 percent or $21.20 to settle at $1,453.40 per ounce while palladium futures for June delivery surged 2 percent or $11.75 to settle at $605.84 per ounce.

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