Comex gold rebounded modestly after Tuesday’s sell-off, with the precious metals once again tracking crude oil futures, which posted a gain, says Mike Daly, gold and silver specialist with PFGBEST. As of 2:54 p.m. EDT, Comex June gold was up $4.70 to $1,458.30 an ounce with Nymex May crude oil 85 cents stronger at $107.10 a barrel. “Yesterday’s sell-off offered some bargain buying opportunities to traders and investors who remain bullish the precious metals,” Daly says. Still, he suggests many market participants stayed on the sidelines Wednesday as they awaited Thursday’s U.S. economic data before deciding on their next trading strategy. U.S. reports on Thursday include weekly initial jobless claims and the March Producer Price Index.
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