US gold futures rose slightly in largely mixed trade on Wednesday as prices held near $1,000 an ounce on the back of a sharp decline of the dollar amid growing risk appetite, boosting bullion's appeal as a currency hedge. December gold up $1 at $1,000.80 an ounce at 10:02 am EDT (1402 GMT) on the COMEX division of the New York Mercantile Exchange.
Ranging from $994.20 to $1,005. The US dollar fell to a near one-year low against a basket of major currencies, extending sharp decline from the previous day, as higher global equities bolstered risk appetite. Analysts also cautioned that the price of gold could be susceptible to correction at near record high levels, as some believed the market was overbought. COMEX estimated 9 am volume at 51,236 lots.
Gold/oil ratio at 13.93, down from the previous session's 13.98. Spot gold at $998.75 an ounce, against $995.20 in the previous session in New York. London morning gold fix was at $995.75 an ounce. December silver up 9.5 cents at $16.605 an ounce, following gold's rally. Ranged from $16.255 to $16.750 an ounce. COMEX estimated 9 am volume at 12,391 lots. Spot silver at $16.55 an ounce, versus its previous close of $16.41.
London silver fix was at $16.24 an ounce. October platinum up $2.80 at $1,292.40 an ounce as better economic sentiment supported platinum group metals, which are largely used as industrial metals. Spot platinum at $1,284 an ounce against $1,283. December palladium down 85 cents at $297.75 an ounce, retreating from the previous session's contract high. Spot palladium at $293 an ounce, against its previous finish of $294.
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