Gold prices moved mildly higher on Wednesday morning as traders continue to express concerns about the outlook for the impending earnings reporting season, boosting the metal's hedge appeal.
June gold climbed to $888.10, up $4.80 on the session. The metal is looking to post a gain for the second straight session after three straight declines.
The dollar saw choppy dealing versus other major currencies Wednesday morning in New York. The greenback hit a weekly-high against the euro before turning lower. The buck was little-changed against the sterling and down versus the yen.
On the economic front, the Commerce Department is due to release its wholesale inventories report at 10 a.m. ET. Economists expect wholesale inventories at the end of February to show a 0.6 percent decline.
Additionally, the Federal Reserve will release the minutes of the latest policy-setting meeting at 2 pm ET.
After the close of trading on Tuesday, Alcoa (AA) reported a $497 million net loss for the first quarter, hurt by the impact of the economic downturn on its core industrial and commercial markets as well as an historic decline in aluminum prices. Alcoa is viewed as the unofficial opener of earnings season.
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