Gold nosed slightly higher on Wednesday, halting its decline a day earlier when the International Monetary Fund raised its global growth forecast for the first time in almost two years.
In electronic trade, gold for February delivery was up $1.50, or 0.1%, to $1,243.30 an ounce. March silver tacked on 6 cents, or 0.3%, to $19.93 an ounce.
Gold on Tuesday gave back a big chunk of the gains that brought it to five-week highs as the dollar strengthened and as bearish forecasts for the year took their toll.
“The gold market bears have the overall technical advantage,” Kitco’s Jim Wyckoff said. “However, if the bulls can manage to post decent gains by the end of this week, they would gain good upside momentum to suggest the three-week-old uptrend on the daily bar chart can be sustained.”
Elsewhere in metals trading Wednesday, platinum for April delivery was back in the green, up $5.80, or 0.4%, to $1,459.40 an ounce ahead of planned labor strikes in South Africa on Thursday. March palladium added 45 cents, or 0.1%, to $748.40 an ounce.
High-grade copper for March deliver was flat at $3.35 a pound.
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