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).  AU, FCX, and SSRI climbed 0.8%, 2.8%, and 0.3%, respectively.

The U.S. Dollar Index (DXY) inched higher by 0.3% to 74.003 against a basket of foreign currencies, while the euro dipped 0.3% to 1.4401 against the greenback.