By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures extended gains into a second session Wednesday, helped by a weaker dollar, as traders awaited comments from Federal Reserve Chairman Ben Bernanke.
Gold for April delivery (GCJ11 1,365, +0.50, +0.04%) added $1.70, or about 0.1%, to $1,365.90 an ounce on the Comex division of the New York Mercantile Exchange.
Recent price weakness in the precious metal has been taken as “an attractive opportunity for physical gold buying,” analysts at Commerzbank said in a note to clients.
“Additional support ... could come from China’s return to the market after the Lunar New Year Festival. High demand both from private and institutional investors is likely to remain a major support factor for gold prices in the medium to long term,” they added.
Rounding out the early futures action, silver and platinum also added to their respective gains, while copper eased.
March copper (HGH11 455.85, -1.55, -0.34%) declined less than a penny to $4.57 a pound.
March silver (SIH11 3,036, +8.90, +0.29%) added 15 cents, or 0.5%, to $30.43 an ounce.
Factoring into the trading in metals futures, the dollar was mainly weaker Wednesday. The dollar index (DXY 77.71, -0.29, -0.37%) , which compares the U.S. unit to a basket of six currencies, recently stood at 77.763, off from 77.994 late Tuesday. See more on trading in the euro amid questions about succession for the top post at the European Central Bank.
