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1st LD Writethru: Gold futures rebound as U.S. stocks edge down

Xinhua, September 24, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rebounded on Wednesday as weakness of U.S. stocks provided some support for gold.

The most active gold contract for December delivery added 6.70 U.S. dollars, or 0.60 percent, to settle at 1,131.50 dollars per ounce.

The gold was under pressure earlier on the day as the U.S. dollar continued to rise. However, as the U.S. stocks fell, gold rebounded and eventually settled higher on safe haven demand, according to analysts.

The holding of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.18 percent to 675.80 tonnes on Tuesday. Some analysts said that rise also supported gold on Wednesday as it was the first inflow of the fund in almost a month.

As for other metals on the COMEX, silver for December delivery added 3.30 cents, or 0.22 percent, to close at 14.789 dollars per ounce, while platinum for October delivery shed 5.10 dollars, or 0.54 percent, to close at 932.40 dollars per ounce. Endit