Gold Stocks Rebound Strongly As Precious Metal Moves Higher
New York (Mar 2) After bucking the uptrend seen in the previous session, gold stocks have shown a strong move back to the upside during trading on Wednesday.
The NYSE Arca Gold Bugs Index has surged up by 3.7% after plunging by 4.2% during trading on Tuesday.
The rebound by gold stocks comes amid an increase by the price of precious metal, with gold for April delivery climbing USD12.70 to USD1,243.50 an ounce.
By 2pm EST spot gold was up $12 to $1240 as spot silver rose more than 1% to $14.99. Spot Platinum slipped nearly $2 to $935 while Spot palladium was flat at $516 in lackluster trading.