Updated from 9:01 a.m. EDT with analyst comment and latest prices
NEW YORK (
were rising Thursday as choppy trading has defined market action since Monday's crash.
Gold prices dipped 0.34% on Wednesday.
Gold for June delivery at the COMEX division of the CME was rising $15.90 to $1,387.50 an ounce. The
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
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.
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
(EGO - Get Report)
were rising 8%, while shares of
(KGC - Get Report)
were up 5.8%.
Among volume leaders,
(ABX - Get Report)
was rising 1.2%.
SPDR Gold Trust
was climbing 1.1%, while
iShares Gold Trust
was gaining 1.2%.
-- Written by Joe Deaux in New York.