The price of gold ended slightly higher on Wednesday amid some concerns over what earnings season will bring, sending some traders toward the safety investment.
Gold for June delivery ended at $885.90 an ounce, up $2.60 for the session. The metal gained for a second day after three straight sessions of declines.
After the floor trading on the Comex ended, traders looked for the release of the minutes of the March Federal Open Market Committee meeting, which said that committee members remain concerned about downside risks to an already weak outlook for economic activity.
The minutes showed that nearly all of the meeting participants felt that economic conditions had deteriorated relative to their expectations at the time of the January meeting.
The Mortgage Bankers Association revealed that its market index of mortgage application volume rose 4.7 percent on a seasonally adjusted basis for the week of April 3rd, following a 3 percent rise last week. The Market Composite Index was 1250.6 compared to 1194.4 in the previous week.
Later, a Commerce Department report showed that wholesale inventories fell 1.5 percent in February following a revised decrease of 0.9 percent in January. Economists had expected inventories to fall by 0.6 percent compared to the 0.7 percent decrease originally reported for the previous month.
Crude oil prices added 25 cents to $49.40 per barrel. Prices had dropped as low as $47.37 but later turned as high as $51.30.
U.S. commercial crude oil inventories increased 1.7 million barrels from the previous week. Economists were looking for a build in inventories of about 2.3 million barrels in the week ended April 3.
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