The more positive outlook on the dollar led to a selloff of precious metals and their related exchange traded funds (ETFs). Today, the outlook is a little better.
streetTRACKS Gold Shares (GLD) and iShares COMEX Gold Trust (IAU) both finished 3.9% lower yesterday. Market Vectors Gold Miners (GDX) and iShares Silver Trust (SLV) fell 2.8%.
As evidence of the drubbing precious metals took on Tuesday, June gold fell $33.70.
All funds today are trading up near 3% midday, thanks to speculators and bottom-fishers, highlighting the volatility in commodities. The dollar dipped back down, crude oil bounced higher and both incidents reignited demand for gold and silver, reports Allen Sykora for Dow Jones Newswires.