New York gold futures dropped on Thursday as a resurgent dollar dented bullion's status as a hedge against a falling US currency. December gold futures down $9.30 at $1,055.20 an ounce at 10:18 am EDT (1418 GMT) on the COMEX division of the New York Mercantile Exchange. Ranged from $1,052 to $1,062.40. December scaled a record high $1,072 on October 14.
Gold pressured as euro retreats versus dollar, a day after the euro rose above $1.50 for the first time in 14 months. Weakness in other non-US currencies could drive gold rally, said Caesar Bryan, GAMCO Gold Fund's portfolio manger. Gold-to-oil ratio hovers just above 13 at 13.05, down tad from previous session's 13.06.
COMEX estimated 9 am volume at 40,338 lots. Spot gold at $1,055.45 an ounce, against $1,058.35 late in New York in the previous session. London afternoon gold fix $1,053. December silver down 30.5 cents, or 1.7 percent, at 17.520 an ounce, down with gold. Ranged $17.365 to $17.790. COMEX estimated 9 am volume at 11,053 lots. Spot silver was at $17.45, versus its previous finish of $17.66 an ounce. London silver fix at $17.55 an ounce.
January platinum down $10.30 at $1,364.10 an ounce on metals' weakness. Spot platinum was at $1,356.50, compared with its previous finish of $1,359. December palladium down $4.20, or 1.2 percent, at $337.30 an ounce, tracking platinum. Spot palladium was at $333, compared with its previous session close at $332.50.
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