Gold News & Info

Source: Marketwatch

New York— Gold futures finished higher Wednesday, their fifth-straight winning session as strong physical demand and safe-haven buying insulated bullion from the rising dollar. Gold for June delivery, the most active contract, gained $17, or 1.5%, to settle at $1,153 an ounce on the Comex division of the New York Mercantile Exchange, the highest finish for a most-active contract since December. Platinum and palladium also hit fresh multi-month highs Wednesday.

"The biggest story is the euro, but we are also seeing a pick-up in physical buying in India ahead of the wedding season," said Andrey Kryuchenkov, an analyst at VTB Capital in London. The euro came under pressure following renewed concerns about Greece and its ability to manage its finances. The dollar hit an eleven-month high against the euro earlier Wednesday. "Uncertainty remains about Greece, and gold has always been a safe haven asset, and a good hedge against any type of currency or inflation risk," Kryuchenkov said. See full story.