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U.S. markets recover from steep losses
NEW YORK, July 13 (UPI) -- Gold and silver both experienced big gains Tuesday on the Comex division of the New York Mercantile Exchange.
Gold added $23 dollars an ounce Wednesday to close at a record $1,585.50 a troy ounce.
"Inflation and deflation have now been slugging it out for over a decade, and physical gold remains an obvious, sensible refuge for private savings caught in the middle," Adrian Ash, head of research at BullionVault.com, an online service for gold bullion trading and ownership, told MarketWatch.com
The strongest gain among precious metals was for silver, which added $2.52 to finish at $38.15 an ounce.
Silver prices haven't closed above $38 since May 31, analysts said.
The euro rose to $1.4140 from Tuesday's $1.3976. Against the yen, the dollar was 78.9850 from Tuesday's 79.4100 yen.
The British pound was $1.5911, down from $1.5912 Tuesday. The U.S. standard was 7.7902 Hong Kong dollars, up from Tuesday's 7.7946 Hong Kong dollars. The dollar traded for 1,057.44 South Korean won, up from 1,068.54 South Korean won Tuesday.
The U.S. dollar rose to 0.9596 Canadian dollars from 0.9655 Canadian dollars Tuesday.
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