CHICAGO, May 5 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange ended slightly higher on Tuesday, giving up most early gains due to dollar's solid recovery. Silver and platinum rose, too.
Gold price for June delivery gained 2.10 U.S. dollars, or 0.2 percent, to settle at 904.30 dollars an ounce. It touched as high as 916.70 dollars an ounce earlier in the session.
It was reported that about 10 of the 19 banks undergoing government stress tests are expected to boost capital, including Wells Fargo, Bank of America and Citigroup. Investors' concerns on this negative result sparked some safety buying for gold in the morning.
Analysts indicated there also seemed to be some early inflation-hedge buying interest in gold as Federal Reserve Chairman Ben Bernanke said in a testimony before Congress that the U.S. economy is bottoming out and will turn up later this year.
An improvement in the ISM service sector index provided another sign supporting the view that economic conditions are starting to improve.
However, gold went down sharply after touching the intraday high of 916.70 dollars as the greenback recovered quickly. By the end of gold floor trading time, the rate against euro surged to 1.3337 dollars, about 1 cent away from the lowest level of the session, forcing the precious metal to give up most gains made earlier in the session.
July silver finished at 13.42 dollars per ounce, up 30.7 cents. July platinum rose 15.90 dollars to 1137.90 dollars per ounce.
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