Gold ends higher for first session in week

Gold futures on the COMEX division of the New York Mercantile Exchange futures advanced on Wednesday for the first time in three sessions this week as lower prices lured buyers of the physical metal. The most active gold contract for June delivery rose 12.4 dollars, or 0.90 percent, to settle at 1,391.3 dollars per ounce. Gold demand in India, the world's largest buyer, is heading for a quarterly record as imports reach 300 to 400 metric tons, the World Gold Council said in a report Wednesday. That's equal to almost half of the total shipments for all of last year. Gold prices dropped 17 percent this year, but are now heading for the second straight monthly loss as some investors lost faith in the metal amid an improving economic outlook and concern that the U.S. Federal Reserve may curb its stimulus measures. However, according to some market analysts, physical buying in Asia remains strong, and the news out of the World Gold Council is very positive to the trading on the day. In addition, strength in the euro contributed to an overall decline in the U.S. dollar Wednesday. Weakness in the greenback tends to buoy prices for dollar-denominated commodities, as it makes them less expensive for holders of other currencies to buy. Silver for July delivery rose 26 cents, or 1.17 percent, to close at 22.453 dollars per ounce.