Gold Futures Turn Positive, Rebound from $52 Loss

Gold futures turned positive Thursday afternoon amid short covering and bargain hunting in precious metals.

Following two straight days of significant declines, COMEX gold futures – per the December contract – rebounded from an intra-day loss of $51.90 at $1,705.40 per ounce to settle higher by $5.90 at $1,763.20 per ounce.

Silver futures followed a similar trajectory, with the COMEX September contract bouncing from as low as $38.76 early this morning to finish higher by $1.57, or 4.0%, at $40.75 per ounce.

Gold equities extended their gains this afternoon, with the AMEX Gold Bugs Index (HUI) rising 2.0% to 582.14.