Gold regained some strength on Wednesday on a technical rebound after falling to a two-month low the previous day when a rise in the dollar and a US stock rally sparked selling in precious metals. Gold rose to $887.10/887.90 an ounce from $884.20/885.40 late in New York.
Gold hit a low of $872.90 on Tuesday well below a record high of $1,030.80 struck on March 17. Gold futures for June delivery on the COMEX division of the New York Mercantile Exchange added $3.4 an ounce to $891.3 an ounce. The dollar vaulted higher on Tuesday after major banks UBS and Lehman Brothers raised a combined $19 billion to shore up their balance sheets and investors took the view that the worst of the banking sector's problems may be over.
Spot platinum rose to $1,919/1,929 an ounce from $1,918/1,928. It dropped to a one-week low at $1,888 on Tuesday. The most active Tokyo platinum futures confirmed 90 yen per gram to 6,182 yen, having hit limit down on Tuesday.
Silver edged up to $16.91/16.95 an ounce from $16.81/16.86 an ounce. Spot palladium fell to $434/439 an ounce from $435/440 an ounce.
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