(RTTNews) - The price of gold bounced back near $1,500 Wednesday morning as traders overlooked the news that a renowned fund management company divested majority of its gold holdings.
Gold for June delivery, the most actively traded contract, gained $13.50 to $1,493.50 an ounce. Yesterday. gold ended lower amid news that Soros Fund Management, the hedge fund owned by George Soros, sold 99 percent of its stake in the SPDR Gold Trust ETF and a steady U.S. dollar
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,192.25 tons.
Meanwhile, the U.S. dollar was extending losses for a third session versus the euro, while ticking higher against sterling. The buck was trading flat versus the Swiss franc, while leveling off from its 2-week high against the yen.
Elsewhere, the prices of silver and platinum were moving higher in morning deals.
Traders will look to get some clues on the U.S. economic condition from the Federal Reserve's minutes of the April 26-27 monetary policy setting meeting, due out later during the session.
