Gold futures moved higher during the U.S. trading session on Wednesday, supported by a weaker U.S. dollar that typically boosts demand for safe-haven assets like gold.
On the Comex exchange, June gold contracts rose by 1.22% to USD 3,324.69 per troy ounce at the time of reporting. The price touched a session high earlier and is now expected to find support near USD 3,156.40 and face resistance around USD 3,327.10.
Meanwhile, the U.S. Dollar Index—which reflects the dollar’s strength against six major global currencies—dropped 0.51% to 99.47. A falling dollar often benefits commodities priced in dollars, as they become cheaper for international buyers.
Other metals also saw gains. July silver contracts advanced by 1.71% to USD 33.74 per troy ounce, while copper for July delivery edged up 0.43% to USD 4.67 per pound.
