US gold futures reversed course to end in positive territory on Wednesday after earlier technical selling took the precious metal down to a 6-1/2-week low, but concerns about global economic growth drew some investors back in to buy those dips.
August COMEX gold futures finished $3.80 higher at $1,198.90 an ounce on the COMEX metals division of the New York Mercantile Exchange. Range ran from $1,185.0 to $1,199.50 an ounce, extending the band upward during the session.
The low was last seen on May 24. COMEX estimated gold volume at 126,183 lots by the close. Spot gold at $1,192.85 an ounce by 10:11 am (1411 GMT), slightly higher than $1,192.15 an ounce late in the previous session. COMEX September silver was up 14.30 cents at $18.00 an ounce by the settlement. Range spanned $17.5650 to $18.09 an ounce.
Silver trailed gold's moves lower, then higher. COMEX estimated final silver volume at 23,003 lots. Spot silver rallied to $18.02 an ounce by 1:55 pm EDT (1855 GMT) from $17.78 an ounce late in the previous session. NYMEX October platinum closed with $7.70 gains at $1,526.40 an ounce. Spot platinum increased to $1,521.50 an ounce from $1,512.50 an ounce in late Tuesday business. September palladium rose $1.95 to end at $442.35 an ounce. Spot palladium was higher at $440.0 an ounce than $435.0 in late Tuesday trade.
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