Gold Market Update : Epic Research Singapore

Gold futures on Wednesday finished at their best level in three weeks as the U.S. dollar weakened and fears of an interest-rate rise, which might diminish the appeal of the metal, faded.

August gold GCQ6, +0.18% gained $15.30, or 1.2%, to $1,262.30 an ounce, after seeing relatively tepid trade Tuesday as investors readjusted their expectations for rate increases in the wake of last Friday’s disappointing May labor-market report. The metal scored its highest close Wednesday since May 18, according to FactSet data.

Against this backdrop, July silver SIN6, +1.12%  also rocketed higher, picking up 60 cents, or 3.7%, to finish at $16.99 an ounce, with commodity specialist Peter Krauth predicting that the metal might hit $20 an ounce by the end of the year.

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