· Spot gold was up 0.2 percent at $1,349.71 per ounce by 1:48 p.m. EDT (1748 GMT), after touching its highest since April 11, while U.S. gold futures for June delivery settled up $4, or 0.3 percent, at $1,353.50 per ounce.
· Gold prices rose to a one-week high on Wednesday on technical trading and some safe-haven demand even as the dollar held on to gains and stocks rose on risk appetite.
· Robust corporate earnings this week capped gains in non-interest yielding gold and lifted stocks.
· "We are up on safe-haven demand and a general commodities move," said George Gero, managing director of RBC Wealth Management, adding concerns over U.S. sanctions on Russia still remain.
· Gold broke above $1,350, a significant resistance level for gold, said Activtrades chief analyst Carlo Alberto De Casa, and a close above this level would confirm positive momentum for gold.
"If gold can remain above the $1,350 level for a couple of days there is a good chance to see it jumping up to $1,400," he said.
· Kitco Metals senior analysts Jim Wyckoff said the chart positions for gold and silver are "tilted in favor of the bulls, which is inspiring technically based buying interest at mid-week."
· Analysts looking to see if gold can get to $1,370 and above.
· Gold remains in a wide range on the daily technical charts, with a directional catalyst needed for the next major move, says Lukman Otunuga, research analyst at FXTM. “While geopolitical tensions and U.S political uncertainty have inspired bulls, bears remain heavily supported by Fed rate-hike expectations,” the analyst says. “There is clearly a fierce tug-of-war between bulls and bears. From a technical standpoint, the yellow metal has found minor support around $1,340. If this level proves supportive, prices could venture towards $1,353 and $1,360, respectively. Alternatively, a decline back below $1,340 may encourage a selloff towards $1,324.” As of7:55 a.m. EDT, spot gold was up $2.80 to $1,349.90 an ounce.
· China’s first-quarter gold production fell by nearly 3% from a year ago to 98.2 tonnes, says Commerzbank. This was due among other things to more stringent regulations,” Commerzbank says.
· In physicals, Sri Lanka imposed a 15 percent tax on imported gold with effect from Wednesday to prevent illegal smuggling of the metal from the island nation, a finance ministry official said.
· Spot silver climbed 2.7 percent at $17.19 per ounce, after touching its highest since Feb. 1 of $17.26.
· Platinum gained 0.3 percent at $938.50 per ounce, after hitting a three-week high of $948.70.
· Palladium rose 2.6 percent to $1,036 per ounce, having touched its highest since Feb. 28, $1,046.20.
Reference: Reuters, Kitco
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