Precious Metals Rebound, XAU Turns Higher

Precious metals rebounded from earlier losses in early afternoon trading on
Wednesday, despite a modest move higher in the U.S. dollar against most major
currencies. COMEX gold futures, per the December contract, bounced from an
intra-day low of $1,813.60 per ounce to as high as $1,842.00. Silver rebounded
from a modest loss near $41.20 to trade higher by $0.26 at $41.72 per ounce as
of 1:25pm ET. Precious metals equities turned higher as well, with the
Philadelphia Gold & Silver Index (XAU) recovering from a 0.6% loss this morning
to a gain of 0.3% at 219.16. Notable advancers included XAU components AngloGold
Ashanti (AU), Freeport-McMoRan Copper & Gold (FCX), and Silver Standard
Resources (SSRI).