By Virginia Harrison, MarketWatch
SYDNEY(MarketWatch) — Gold futures rebounded in electronic trading on Friday, as the broader metals complex moved higher amid a weaker dollar.
Gold for December delivery GC1Z +2.05% added $14.40, or 0.9%, to $1,627.10 an ounce on the Comex division of the New York Mercantile Exchange during Asian trading hours.
The precious metal posted a 2.1% loss to settle at $1,612.90 an ounce in the North American session on Thursday. Read more about Thursday's metals session.
Metals tracked equity market gains across most of Asia on Friday, as investors cautiously welcomed a statement from France and Germany promising to provide firm details of a rescue plan for the euro zone in the next few days.
French President Nicolas Sarkozy and German Chancellor Angela Merkel will meet Saturday night in Brussels to prepare for the summit meeting of European leaders set for Sunday. Read more analysis on the European summit.
Copper led the gains in the broader metals complex, but failed retrace the 6.2% loss the red metal posted in Thursday’s session. December copper HG1Z +5.51% added 3.8%, or 12 cents, to $3.17 a pound.
Silver SI1Z +3.25% for December delivery rose 1.4%, or 43 cents, to $30.72 an ounce.
January platinum PL2F +1.46% gained $16.60, or 1.1%, while December palladium PA1Z +5.80% put on $10.40, or 1.8%.
The dollar index DXY -0.76% , which compares the performance of the U.S. currency against six major rivals, traded at 76.862, compared with 76.958 in North American trading late Thursday.
A weaker greenback is usually positive for dollar-priced commodities such as metals, as it makes them less expensive to holders of other currencies.
Virginia Harrison is a MarketWatch reporter based in Sydney.
