Gold futures settled higher Wednesday, a day after the precious metal lost its grip on the psychologically significant $1,500 mark amid gains in stocks, yields and a firmer U.S. dollar — all headwinds for the commodity.
On Wednesday, some of those factors moderated somewhat, with bond yields sharply lower and the dollar a bit weaker.
December gold on Comex rose $9.40, or 0.6%, to settle at $1,493.10 an ounce, recouping less than half of what it lost a day earlier. Prices declined by 1.8% Tuesday to settle at the lowest level for a most-active contract since Oct. 15 and notching the biggest one-day dollar and percentage decline since Sept. 30, according to FactSet data. Tuesday’s dip marked the first time in four sessions that the metal finished below $1,500, a level seen by technical analysts as a dividing line between bearish and bullish sentiment
December silver meanwhile, tacked on 3 cents, or 0.2%, at $17.598 an ounce, following a 2.8% slide that dragged gold’s sister metal to a two-week low.