By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures flitted between small gains and losses Wednesday as bargain hunters provided some support for prices after they sunk to a two-week low in the previous session.
Gold for December delivery (GCZ10 1,338, -0.10, -0.01%) was off 70 cents, or 0.1%, to $1,337.70 an ounce on the Comex division of the New York Mercantile Exchange.
Other metals were mixed, with silver up more than 1% but copper down as concerns about China slowing down its growth weighed on the metal.
Silver for December delivery (SIZ10 2,552, +28.70, +1.14%) added 29 cents, or 1.1%, to $25.52 an ounce. January copper (HGF11 370.65, -2.05, -0.55%) retreated 2 cents, or 0.7%, to $3.71 a pound.
Bargain hunters were “cautiously” testing the market after gold’s recent drop, George Gero, a senior vice president at RBC Wealth Management, said in e-mailed comments.
The dollar turned lower Wednesday, also providing a floor to prices. The dollar index (DXY 78.99, -0.22, -0.28%) , which compares the U.S. unit to a basket of six currencies, slipped to 79.10 from 79.21 in North American trade late Tuesday.
The euro gained against the dollar as a meeting of euro-zone finance ministers didn’t arrive at an agreement on a bailout for Ireland. Read latest on Ireland’s bailout prospects.
A weaker dollar is usually beneficial to commodities as it makes them cheaper to investors holding other currencies, broadening their appeal. For gold and other precious metals, concerns about a weakening dollar are at the heart of arguments surrounding gold’s ability to protect one’s wealth against inflation.
