Gold steadied on Friday after rallying to its strongest level in a month the previous day on record oil prices and a weaker US dollar that boosted the metal's safe-haven appeal. Gold has risen nearly 7 percent since falling to its lowest level in nearly 6 weeks at $856.80 on June 12, with a weaker equities markets also encouraging funds to shift some of their money back to the precious metal.
Gold was at $913.00/914.00 an ounce, barely changed from $912.60/913.60 late in New York on Thursday, when it rallied to $917.20 an ounce - its highest level since May 27. Despite the gains, gold was still well below a lifetime high of $1,030.80 an ounce hit in March. Trading was choppy on Friday, with prices hitting a high of $916.65 an ounce before dipping to $910.10 and then steadying around $913 an ounce.
Gold futures for August delivery on the COMEX division of the New York Mercantile Exchange added $1.0 to $916.1 an ounce, having risen nearly 4 percent on Thursday.
Spot platinum rose to $2,066.00/2,073.00 an ounce from $2,057.50/2,077.50 late in New York. Spot palladium rose to $466.50/475.00 an ounce from $464.00/472.00 an ounce. Silver edged up to $17.25/17.31 an ounce from $17.22/17.28 late in New York.
The most active Tokyo platinum contract for June 2009 delivery on the Tokyo Commodity Exchange rose 67 yen per gram to 7,005 yen, after hitting an intraday high of 7,038 yen, its highest level since June 19.
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