Gold prices slipped below the psychologically important $900-an-ounce level Wednesday before bouncing back in the afternoon along with crude oil.
Benchmark bullion futures recovered almost all of their earlier loss and were down just 20 cents at $904.80 an ounce in recent action on the Comex division of the New York Mercantile Exchange.
In the morning, gold dropped below $890 as oil ran lower and traders digested
pouring scorn on commodity speculators in the commodity complex.
John Reade, a precious metals strategist at UBS in London, says the effect of the Senate spotlight on the market may continue to be a major driving factor between now and the general election in November.
SPDR Gold Trust
, which holds solid gold bars, was sliding 0.6% in recent trading on the
New York Stock Exchange
As for the precious metals patch,
were both up less than 1%.
In the foreign-exchange market, one euro was buying $1.565, down from $1.5699 on Tuesday. The dollar was trading for 104.8 Japanese yen, up from 104.3 yen previously. The British pound was selling for $1.9754 vs. $1.9758.
CurrencyShares Euro Trust
CurrencyShares Japanese Yen Trust
were declining 0.2% and 0.6%, respectively. The
CurrencyShares British Pound Sterling