Spot gold was up 0.3 percent to $1,328.86 per ounce, as of 0444 GMT. Prices fell over 1 percent to hit its lowest since Jan. 11 at $1,319.96 on Tuesday. U.S. gold futures for April delivery rose0.2 percent to $1,331.60 per ounce.
• “Some dip-buying is coming back aggressively as the volatility index drops. Also, some good buying as the short-term U.S. (interest) rate curve is easing off a bit,” said Stephen Innes, APAC trading head for OANDA.
“(Prices are) well above major support and appetite is coming back, with longer-term traders still holding and steadily buying small clips from this morning Comex open.”
• “Gold did not particularly perform well when stocks were melting down, while seeming to crumble rather effortlessly in the aftermath of Tuesday’s sharp rally,” INTL FCStone analyst Edward Meir said.
“This may tell us that the gold complex is more vulnerable to the downside at this stage, especially if the stock market stabilizes.”
• Spot gold may test a support at $1,316 per ounce, as suggested by a retracement analysis and a head-and-shoulders, according to Reuters technical analyst Wang Tao.
• Spot silver climbed 0.6 percent to $16.73 per ounce.
Platinum gained 0.1 percent to $990.00 per ounce after touching its lowest since Jan. 16 in the previous session.
Palladium slipped 0.1 percent to $1,007.50 per ounce. In the previous session, it touched $999.22 an ounce, its lowest since Dec. 8
Reference: Reuters
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