LOS ANGELES (MarketWatch) — It’s ugly out there for the stock market, which means that gold bugs are finally catching some relief as prices on Wednesday were poised to make it three positive sessions in a row for the struggling metal.
At last check, gold for December delivery GCZ4, +0.33% was up $2.70 cents to $1,212.60 an ounce. December silver SIZ4, +0.12% was up 4 cents to $17.28 an ounce.
A day earlier, gold cashed in on another pause in the U.S. dollar’s DXY, +0.18% steady rally to notch back-to-back gains.
Traders will be on the lookout for a more hawkish tone from central bankers when the FOMC minutes are released later in the afternoon.
Walter de Wet of Standard Bank said that the $1,180 level is providing some strong support and that he believes there’s little value in adding shorts at these prices.
“Overall we believe that the metal will receive headwinds this quarter and, while the price may move higher from current levels, we would expect rallies to fade,” he said.
Elsewhere in metals trading, January platinum PLF5, +1.00% again put up a solid gain, rising $9.40, or 0.7%, to $1,271.30 an ounce. December palladium PAX4, +0.05% rose $2.45 to $789.45 an ounce. High-grade copper for December delivery HGZ4, -0.64% dropped 2 cents, or 0.5%, to $3.02 a pound.
