NEW YORK (Dow Jones)--Gold futures rose slightly Wednesday on continued investor bargain hunting after recent down moves, a slightly lower U.S. dollar and book squaring ahead of Friday's holiday.
June gold rose $2.60 to settle at $885.90 an ounce on the Comex division of the New York Mercantile Exchange.
"I think gold got a little oversold," said Michael Gross, broker and futures analyst with OptionSellers.com. However, "it looks like kind of a listless trade today," he said.
George Gero, vice president with RBC Capital Markets Global Futures, said the nearing holiday led to some short covering in gold.
"A move over $900 and we may see returning fund buyers," he said.
"Gold today is recovering from its rather ugly selloff on Monday," said Sterling Smith, vice president with FuturesOne.
Silver futures gained on the back of higher gold prices. Comex May silver rose 13 cents to settle at $12.34 an ounce.
The metal moved higher as the dollar weakened and copper and oil strengthened, Gross said.
As gold was closing, the ICE Futures U.S. dollar index was down 0.158 point and Nymex May crude was up $1.59 a barrel.
Platinum and palladium futures also followed gold prices higher. Nymex July platinum rose $12.40 to settle at $1,187.40 an ounce while June palladium on the exchange gained $9.70 to settle at $235.70 an ounce.
Any dips the platinum group metals are seeing have been met by support from Asian demand, a trader said.
News of proposed U.S. exchange-traded funds for the metals is also lending support, he said.
"Certainly the fact that that's out there has only lent upside to platinum," the trader said.
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