Updated from 9:01 a.m. EDT with analyst comment and latest prices
Gold for June delivery at the COMEX division of the CME was rising $15.90 to $1,387.50 an ounce. The gold price traded as high as $1,402 and as low as $1,335.60 an ounce, while the spot price was adding $11, according to Kitco's gold index.
"You're seeing technical chart consolidation after the extreme price move we saw late last week and early this week," James Wyckoff, senior analyst at Kitco.com, said in an interview. "The market is trying to stabilize, but make no mistake, we have seen serious long-term and short-term technical damage in the gold market."Analysts have said that it could take weeks or months for gold's paper markets to find stable technical support and a new trading range. Other analysts have said current downside momentum could lead to more damage. Gold's 13% tumble across April 12 and April 15 made Tuesday's nearly 2% gain look pedestrian. A 2% rise typically would be considered a solid gain, but the yellow metal's increase on Tuesday and drop on Wednesday suggested that traders were still searching for a new level of technical support after the deep losses. Silver prices for May delivery were losing 12 cents to $23.19 an ounce, while the U.S. dollar index was slipping 0.24% to $82.42. Gold mining stocks were mostly higher on Thursday. Shares of Eldorado Gold (EGO) were rising 8%, while shares of Kinross Gold (KGC) were up 5.8%. Among volume leaders, Barrick Gold (ABX) was rising 1.2%. Gold ETF SPDR Gold Trust (GLD) was climbing 1.1%, while iShares Gold Trust (IAU) was gaining 1.2%. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
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