RTTNews - Gold finished unchanged on Wednesday as a rise in oil prices balanced out a modestly stronger dollar. The metal has seen little direction through the week, hovering near the $950 mark.
August-dated gold closed at $954.70 for a second straight day. Prices climbed as high as $966.70 and fell as low as $947.50.
Crude oil prices rallied to $71.33, up $1.32 on the session, making gold more attractive as a safety investment. U.S. commercial crude oil inventories decreased by 4.4 million barrels from the previous week, according to data released On Wednesday.
The dollar edged higher against the euro, moving to the good side of 1.4000. The greenback was little-changed against the pound after bouncing back from a weekly low. Gold usually moves in the opposite direction as the dollar.
Gold saw some weakness after the close of floor trading as the Federal Reserve's Beige Book released on Wednesday afternoon noted a moderation in the downward trend in five of the 12 Fed districts.
Earlier, a Commerce Department report showed that the trade deficit widened to $29.2 billion in April from a revised $28.5 billion in March. Economists had expected the deficit to widen to $29.0 billion from the $27.6 billion originally reported for the previous month.
Meanwhile, silver for July delivery rallied 8.5 cents to $15.225 an ounce and July copper was little-changed at $2.367 per pound.
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