Futures Pros – Gold futures pared gains on Wednesday, retreating from a four-day high, as concerns over the euro zone’s sovereign debt crisis eased, however prices were supported by a broadly U.S. dollar. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,369.95 a troy ounce during U.S. morning trade, climbing 0.17%. It earlier rose to USD1,378.75 a troy ounce, the highest price since January 13. Earlier in the day, Portugal completed a successful Treasury bill sale to strong demand, selling the maximum amount of EUR750 million at auction. The country’s government debt agency said the average yield on the 12-month Treasury bill was 4.02%, down from 5.28% in a similar auction last month. Meanwhile, the U.S. Census Bureau said in a report earlier Wednesday that the number of U.S. building permits issued in December rose to a seasonally adjusted 0.64 million, beating analysts’ expectations for a rise to 0.56 million. A separate report showed that U.S. housing starts declined unexpectedly, falling to the lowest level since October 2009. The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down for a third day, slumping 0.52% during U.S. morning trade. Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies. Elsewhere, silver for March delivery gained 0.78% to trade at USD29.07 a troy ounce, while copper for March delivery tumbled 1.18% to trade at USD4.375 a pound during early U.S. trade.

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