US gold futures ended slightly higher early on Wednesday, erasing initial gains, as a flat dollar and larger-than-expected decline in producer prices failed to give the market a firm direction. COMEX April settles up $1.70 at $1,124.20 an ounce. Range $1,120.90 to $1,133.90 - highest since March 8.
Bullion holds initial gains despite a government report showing plummeting prices at the wholesale level. Gold outlook bullish as gold sales from central banks in Europe largely unseen, said Dennis Gartman, publisher and investor. COMEX final volume 140,002 lots. Spot gold at $1,121.85 an ounce at 2:58 pm EDT (1858 GMT), versus $1,124.70 late in New York in the previous session.
May silver up 16.9 cents at $17.523 an ounce, taking the lead from gold and higher industrial metals. Range from $17.365 to $17.600. COMEX final volume 24,285 lots. Spot silver at $17.39, against $17.40 an ounce in the previous session late quote in New York. April platinum up $4.90 at $1,635.60 an ounce as economic optimism helps metals across the board.
Boosted by supply worries after South African utility Eskom sees power supply as a serious concern from 2011 onward until new power stations come onstream. Spot platinum at $1,636.50 an ounce. June palladium closes up $6.45, or 1.4 percent, at $478.85 an ounce on platinum's gains. Spot palladium at $473.50 an ounce.
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