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Gold Futures Edge Slightly Higher On Technical Buying

Gold futures on the COMEX division of the New York Mercantile Exchange rebounded from a low of months on Wednesday, mostly on technical buying as the U.S. dollar came off its 2018 highs and U.S. bond yields sat near multi-year peaks.

The most active gold contract for June delivery rose 1.2 dollars, or 0.09 percent, to close at 1,291.5 U.S. dollars per ounce on Wednesday.

On Tuesday, gold futures dropped by more than 2 percent to 1,290.30 dollars per ounce, the lowest settlement for a most-active contract since late December.

The 10-year U.S. Treasury note yield was at about 3.08 percent on Wednesday, pulling back from its highest levels since 2011, while the U.S. dollar Index, a measure of a half-dozen rival currencies, was up 0.1 percent at 93.33, after trading as high as 93.63 -- its highest level of 2018.

As for other precious metals, silver for July delivery went up 10.2 cents, or 0.63 percent, to settle at 16.371 dollars per ounce. Platinum for July dropped 7.4 dollars, or 0.82 percent, to close at 889.8 dollars per ounce.

(www.chinaview.cn 2018-05-17)