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Gold and silver futures rebounded substantially from earlier losses in Wednesday afternoon trading.
The move higher in precious metals did not coincide with U.S. dollar weakness or significant volatility in the broader markets, however. Instead, the comeback was driven by noticeably higher volumes on the COMEX, particularly at near 1:05pm ET.
COMEX gold futures, per the April contract, fell to an intra-day low of $1,750.70 this morning but later settled up $12.80, or 0.7%, at $1,771.30 per ounce. Following the COMEX close, the yellow metal hit $1,783.40 in electronic trading – its highest level in over three months.
Silver futures also recouped earlier losses, rising from as low as $33.90 to fractionally higher at $34.495 per ounce this afternoon.
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Other precious metals posted solid gains, with platinum climbing 2.6% to $1,728.80 per ounce and palladium rising 1.6% to $722.15 per ounce.
The metals’ rally propelled shares of most gold and silver companies higher, as the Philadelphia Gold & Silver jumped 1.6% to 201.35.
Notable gold miners posting gains included Agnico-Eagle Mines (AEM) and Newmont Mining (NEM). AEM added 2.7% to $37.51 per share and NEM headed north by 2.0% to $62.79 per share.
Among silver producers, Pan American Silver rose 0.9% to $24.84 per share and Silver Standard Resources (SSRI) advanced 1.5% to $16.72 per share.
