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Gold futures are set to gain in value on Wednesday, marking the second consecutive day of increases, according to Bloomberg.

Indications about the globe's largest economy growing stronger prompted global equities to climb, which helped drive the price of the yellowish metal. The U.S. Department of Commerce noted on Tuesday that the annual rate of new home sales in the U.S. last month was 328,000, which trumped the 319,000 pace projected in a poll administered by Bloomberg.

"Gold prices rallied in line with a recovery in investor risk appetite and a modest increase in the euro," states a note penned by analyst James Steel with HSBC Securities. "Hints of stabilization in the U.S. housing market may have helped boost equities thereby lending support to gold."

At 4:36 p.m. on Wednesday, gold futures gained 0.12 percent, a $1.90 lift to $1,645.70 per troy ounce. {might be worth updating this}

Reuters reports the U.S. dollar was driving toward its lowest value in 21 days against the common currency of the European Union, but investor scrutiny was training on Ben Bernanke's late Wednesday statement following two days of meetings by the U.S. Federal Reserve.

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