NS: Gold ends slightly higher on bargain hunting, rising oil
Gold futures on the COMEX Division of the New York Mercantile Exchange gained a little on Wednesday due to investors' buying at a lower price and firm oil. Silver and platinum went up, too.
Gold price for June delivery gained 2.60 U.S. dollars, or 0.3 percent, to settle at 885.90 dollars an ounce. May silver finished at 12.34 dollars per ounce, up 13 cents. July platinum rose 12.40 dollars to 1,187.40 dollars per ounce.
After Monday's slump, gold market saw investors' bargain hunting, which helped the precious metal climb for straight two trading days, said analysts.
Gold price for June delivery plunged 24.50 dollars, or 2.7 percent on Monday when it plummeted to 10-week low of 865 dollars earlier in the session.
Strong crude oil and weak dollar were other two positive factors to gold's gain. By the end of gold closing, May crude oil in New York went up 1.60 dollars per barrel and dollar index was down 0.158 point. Generally this is considered to strengthen the precious metal's appeal as an alternative of save-haven.