Gold futures clung to gains Wednesday to end at a six-month high, continuing to find a modicum of haven-related support as the U.S. stock market roared back from a Christmas Eve selloff amid what remains an ugly December for equity markets.
Gold for February delivery GCG9, -0.22% on Comex rose $1.20, or 0.1%, to end at $1,273 an ounce, the highest close for a most-active contract since June 20, according to FactSet. Gold rallied to start the week as U.S. stocks suffered their worst Christmas Eve performance in history, continuing a December selloff.
Stocks bounced back sharply on Wednesday, attempting to erase most if not all of Monday's decline, but remained on track for the worst December since 2008.
"The downdraft in global equity markets has firmed up gold's major support level to $1,250. But given the shaky global equity markets, and waning risk sentiment, we should expect safe-haven demand for gold to remain firm into year-end [and] beyond," wrote analysts at Oanda, in a Wednesday note.
March silver SIH9, +0.03% rose 30.3 cents, or 2%, to end at $15.123 an ounce.
Markets were closed Tuesday for Christmas Day and most European markets remained closed Wednesday.
In other metals trade, January platinum PLF9, +0.01% rose $10.70, or 1.4%, to $799/50 an ounce, while March palladium PAH9, +0.10% gained $9.80, or 0.8%, to $1,185.90 an ounce.
March copper HGH9, +0.64% rose 3.9 cents to end at $2.70 a pound.