New York gold futures rebounded on Wednesday as the dollar weakened and crude oil jumped, prompting investors to buy bullion as an alternative investment. June gold was up $6.40 to $924.50 an ounce, reversing initial losses by 10:28 am EDT (1428 GMT). Range from $906.60 to $924.90.
Gold futures moving with crude oil's strength as dollar down - floor trader. Speculation that news from the European Central Bank and G7 meetings later this week could ease credit worries, denting gold's safe haven appeal, analysts said.
Gold could bounce above $1,100 an ounce this year due to credit crisis, low US interest rates, dollar weakness - GFMS
Low US interest rates will continue to weigh on the dollar, which shows no sign that it has bottomed - analyst. Market already factored in IMF's plan to unload gold because any possible sales will be within the existing Central Bank Gold Agreement.
Comex estimated 10:00 am EDT (1400 GMT) volume at 61,753 lots. Spot gold at $920.40/921.20, compared with $913.10/913.90 at the close Tuesday. London afternoon gold fix was $917.00. July platinum was down $24.60, or 1.2 percent, at $2,005.00 an ounce. Selling form Tokyo's Tocom and over-the-counter sources cited. Failure to break above the $2,038 to $2,044 area stalled a platinum rally - analyst.
Spot traded at $1,995/2,005. June palladium was down $3.15 to $454.25 an ounce. Spot fetches $450/458. May silver was up 31.7 cents, or 1.8 percent, to $18.025 an ounce. Range $17.400 to $18.055. Spot silver at $17.98/18.03, against Tuesday's late quote at $17.64/17.69. Silver fixed in London at $17.49.
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