US gold futures rose to record highs well above $1,200 an ounce on Wednesday in the face of a stronger dollar, boosted by heavy buying by hedge funds and other gold investment products. COMEX February gold up $13.70, or 1.5 percent, at $1,213.90 an ounce at 10:32 am EST (1532 GMT) on the NYMEX. Ranged from $1,196.50 to $1,218.40 - an all-time high.
GOLD: Momentum and fund buying drive gold to all-time highs above $1,200 an ounce level - traders. Gold-to-oil ratio at 15.66, up from the previous session's 15.30. COMEX estimated 10 am volume at 115,305 lots. Spot gold at $1,214.80 an ounce, after hitting a record high of $1,216.75. Finished the previous session in New York at $1,196 on Tuesday. London's afternoon gold fix at $1,212.50 an ounce.
SILVER: March silver up 20 cents, or 1.1 percent, at $19.41 an ounce, tracking record gold prices. Ranged from $19.10 to $19.47 - the highest level since July 2008. COMEX estimated 10 am volume at 19,707 lots. Spot silver was at $19.36, against $19.07 in the previous session in New York. London silver fix at $19.18.
PLATINUM: January platinum up $23.90, or 1.6 percent, at $1,510.50 an ounce, boosted by gold's rally and signs of recovery in auto demand. Platinum futures hit their highest level since August 2008, More than half of the world's platinum supply used as autocatalyst employed in vehicles to clean exhaust fumes. Spot platinum $1,506 an ounce.
PALLADIUM: March palladium up $9.10, or 2.4 percent, at $393.05 an ounce on strong investment buying amid a precious metals rally. Spot palladium $389 an ounce.
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