Investors seek refuge in gold after price drop to nearly 4-month low

Gold futures settled higher Wednesday, scoring a partial rebound after a drop to a nearly four-month low a day earlier as investors sought refuge in the metal.

Investment interest in gold got a boost as the U.S. dollar DXY, +0.01%  weakened, a combination of unrelated events prompted a selloff in the main U.S. stock indexes and uncertainty continued to surround Greece, Iran and China.

Silver and copper also gained after concerns over China’s growth fueled hefty declines Tuesday for industrial metals.

Gold for August delivery on Comex GCQ5, -0.53% rose $10.90, or 1%, to settle at $1,163.50 an ounce. The metal shed $20 an ounce on Tuesday, as investors showed disappointment that gold failed to catch a haven bid against the backdrop of Greece’s fiscal turmoil.

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