Investing.com - Gold prices rose in U.S. trading on Friday after testing technical support that brought in bottom fishers, ignoring European fears that have sent the yellow metal plunging in recent sessions.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded up 0.63% at USD1,567.35 a troy ounce.
Gold hit at a low of USD1,550.95 a troy ounce and a high of USD1,569.85 a troy ounce during the session.
Gold futures were likely to test support at USD1,550.95 a troy ounce, the earlier low, and resistance at USD1,577.65, the high from May 24.
Gold prices have tanked in recent weeks, tracking the euro as investors sell both in exchange for dollars on fears that Greece is moving closer to abandoning the euro.
The dollar and gold normally trade inversely with one another.
Greece is set to hold elections on June 17, and concerns persist that enough anti-austerity candidates will win and reject belt-tightening measures past administrations accepted in exchange for bailout money, which could precipitate a Greek exit from the currency zone.
While normally a safe-haven amid such uncertain times, gold has fallen amid strong demand for its hedge, the dollar.
Selling gold to cover losses in other asset classes has been a popular trade as well.
The dollar remained strong in U.S. trading, which hampered gold's rise.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.11% at 82.53.
Elsewhere on the Comex, silver for July delivery was up 0.71% and trading at USD28.358 a troy ounce, while copper for July delivery was up 0.46% and trading at USD3.444 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded up 0.63% at USD1,567.35 a troy ounce.
Gold hit at a low of USD1,550.95 a troy ounce and a high of USD1,569.85 a troy ounce during the session.
Gold futures were likely to test support at USD1,550.95 a troy ounce, the earlier low, and resistance at USD1,577.65, the high from May 24.
Gold prices have tanked in recent weeks, tracking the euro as investors sell both in exchange for dollars on fears that Greece is moving closer to abandoning the euro.
The dollar and gold normally trade inversely with one another.
Greece is set to hold elections on June 17, and concerns persist that enough anti-austerity candidates will win and reject belt-tightening measures past administrations accepted in exchange for bailout money, which could precipitate a Greek exit from the currency zone.
While normally a safe-haven amid such uncertain times, gold has fallen amid strong demand for its hedge, the dollar.
Selling gold to cover losses in other asset classes has been a popular trade as well.
The dollar remained strong in U.S. trading, which hampered gold's rise.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.11% at 82.53.
Elsewhere on the Comex, silver for July delivery was up 0.71% and trading at USD28.358 a troy ounce, while copper for July delivery was up 0.46% and trading at USD3.444 a pound.