LOS ANGELES (MarketWatch) — Gold's drop to levels not seen since early February still wasn't enough to lure buyers back, as prices weakened further on Wednesday.
Gold for June delivery (GCM4) lost $1.40, or 0.1%, to $1,264.10 an ounce in electronic trade, finding no rebound from its 2% retreat a day earlier. July silver (SIN4) , however, managed to tack on 2 cents, or 0.2%, to $19.09 an ounce.
AFP/Getty Images A day earlier, gold was hammered as traders seemed to react to perceived stability in Ukraine in the wake of last weekend's decisive election result. The fact that investors are moving back into global equities lately isn't helping, and there are also some technical headwinds in play.
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Seeing as this is an historically weak time of year for gold, Dow Theory Letters editor Richard Russel says that the precious metal could get a seasonality boost.
"Gold has the tendency to decline in these months [May and June] while bottoming in July. If gold does not decline appreciably between now and July, I will consider it bullish for the metal," Russel said.
Elsewhere in metals trading, July platinum (PLN4) rose $3.90, or 0.3%, to $1,466.20 an ounce, while June palladium (PAM4) edged fractionally higher to $831 an ounce.
High-grade copper for July delivery (HGN4) gave up a penny to $3.17 a pound.
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