US gold futures rose 1 percent early on Wednesday as stock losses and recession fears prompted bullion investors to add fresh long positions and cover their shorts, traders said. December gold up $8.70, or 1 percent, at $848.20 an ounce on the COMEX division of the New York Mercantile Exchange at 11:12 am EDT (1512 GMT).
December futures ranged from a low of $833.10 to a peak of $859.20. Gold accelerated gains on fresh buying and short covering due to the weaker stock markets, said COMEX floor trader. Gold could still hit $1,000 by the end of this year due to a disconnect between record demand for physical bullion products and weaker gold futures, said Greg Orrell, portfolio manager of the $100 million OCM Gold Fund.
COMEX estimated 10 am gold volume at a thin 47,546 lots, options turnover seen at 3,079 lots. Spot gold was at $844.80/847.30 an ounce, up 1.1 percent from Tuesday's nominal close of $835.25. December silver down 57.00 cents, or 2.5 percent, at $10.490 an ounce. December silver traded from $10.185 to $11.130 an ounce.
COMEX estimated 10 am silver volume at 11,403 lots. Spot silver at $10.44/10.52, down 4.7 percent from Tuesday's nominal close of $10.95. NYMEX January platinum down $53.30, or 5.1 percent, at $990.30 an ounce, retreating from Tuesday's rally. Spot platinum at $970.50/990.50. December palladium down $7.90, or 3.9 percent, at $196.65 an ounce. Spot palladium at $193.50/197.00.
Comments
Comments are closed.