Gold was up over 1 percent on Wednesday, rising for the first time in three sessions as a drop in the dollar and strong physical bullion buying helped offset pressure from a continued decline in gold-backed exchange-traded fund holdings. Spot gold rose to $1,471.16 by 3:29 pm EDT (1929 GMT), up 1.3 percent, its biggest one-day percentage increase in nearly two weeks. Bullion fell over 1 percent in the previous session as the equity markets rallied.
US Comex gold futures for June delivery settled up $24.90 at $1,473.70 an ounce, with trading volume about 20 percent below its 30-day average, preliminary Reuters data showed. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.42 percent to 1,057.79 tonnes, the lowest since early 2009. Spot gold was down more than 12 percent so far this year after posting annual gains in the past 12 years as easy monetary policy prompted investors to buy bullion. In other precious metals, silver eased 0.1 percent to $23.86 an ounce. Platinum rose 1.3 percent to $1,496.24 an ounce, while palladium was up 2.1 percent at 692.46.
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