Gold Recovers from Early Lows, Hits $1,266.60 an Ounce

May. 28, 2014 03:42AM PST

Gold hit significant lows early on Wednesday after strong U.S. data bolstered equities, but recouped its losses as European stocks fell, according to Reuters.

Gold hit significant lows early on Wednesday after strong U.S. data bolstered equities, but recouped its losses as European stocks fell, according to Reuters. Gold rose to $1,266.60 an ounce, up 0.3 percent or $3.78.

“There are not that many bullish themes to latch onto,” Saxo Bank head of commodity strategy Ole Hansen told Reuters. “The election of what seems to be a strong man in Ukraine may help relations with Russia, at least that’s the view the market is now taking. All is not lost though. ETP holdings jumped yesterday.”

U.S. gold futures for June delivery rose $1 to $1,266.50 an ounce.

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