P.M. Kitco Metals Roundup: Gold Ends Up on Fresh Safe-Haven Demand, Short Covering
(Kitco News) - Comex gold futures prices ended the U.S. day session higher and near the daily high Wednesday, and pushed back above the key $1,600.00 level. Fresh safe-haven demand was featured, as there are still worries about the Cyprus banking crisis causing a "run" on European Union banks. Cyprus banks are scheduled to reopen Thursday and television cameras will be on the ATM machines there, watching for big lines. That could spook other EU bank depositors. Gold also benefitted from short covering from weak-handed sellers of the metal just recently. April Comex gold last traded up $10.30 at $1,606.00 an ounce. Spot gold was last quoted up $7.20 at $1,607.25. May Comex silver last traded up $0.026 at $28.705 an ounce.