Early Nymex action marked by modest moves for metals
By Claudia Assis and Virginia Harrison, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures wavered between small gains and losses Thursday, pressured by profit-taking and a higher dollar but finding some support on lingering concerns about Europe’s debt crisis.
Gold for April delivery GC2J +0.03% added 10 cents to trade at $1,749.60 an ounce on the Comex division of the New York Mercantile Exchange.
It traded as low as $1,743.30 and as high as $1,756.70 an ounce.
The metal had notched its second straight day of gains Wednesday in New York floor trading, supported by a weaker dollar and improved investor sentiment. See report on Wednesday’s gold action.
It ended at the highest since early December. Gold prices have climbed more than 11% this year.
“Prices have risen sharply over the past month, and investors may take profits and gold could consolidate short term,” James Steel, commodities analyst at HSBC Securities, said in a research note.
“That said, we expect any such pullback to be short-lived and the rally should resume quickly,” he said.
The wider metals complex traded mixed.
Platinum for April PL2J +0.16% added $1.30, or 0.1%, to $1,6243.50 an ounce, while March palladium PA2H +0.77% gained $2.80, or 0.4%, to $699.50 an ounce.
But copper and silver headed lower.
March copper HG2H -1.09% dropped 3 cents, or 0.9%, to $3.81 a pound.
Silver for March delivery SI2H -0.24% lost 4 cents, or 0.1%, to $33.78 an ounce.
