Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures traded higher on Wednesday, shaking off early weakness as the dollar came off its highs, and silver futures rallied more than 4%. Gold for June delivery added $3.40, or 0.2%, to $1,526.70 an ounce on the Comex division of the New York Mercantile Exchange. That was gold�s best settlement since May 3. August gold, the contract with the most open interest but less volume, added $3.50 to settle at $1,527.80 an ounce. Gold benefitted from ongoing concerns about Greece�s debt and its implications for the euro zone. �Gold continues to have a safety bid,� said Frank Lesh, a broker and futures analyst with FuturePath Trading in Chicago.

Silver futures rallied 4.2%, with the July contract settling at $37.64 an ounce, the highest for the metal since May 10. Silver was more of a speculator market, Lesh said. It was getting a push from smaller investors priced out of gold above $1,500 an ounce, particularly after its recent selloff, he added. �Silver continues to function as the poor man�s gold,� Lesh said. See full story.