US gold futures ended more than 1 percent higher and silver surged on Thursday, as a combination of dollar weakness, inflation worries and renewed Greek sovereign debt worries lifted bullion within striking distance to its record high. COMEX June gold futures settled up $16.8 or 1.2 percent at $1,472.40 an ounce. Ranged from $1,453.2 to $1,475.2 an ounce.
The combination of higher oil prices, weaker dollar and renewed Greek sovereign risk worries lifting gold prices - James Steel, chief commodity analyst at HSBC. Spot gold rose 1.2 percent to $1,472.67 an ounce by 2:21 pm EDT (1821 GMT) London afternoon gold fix was at $1,465.75 an ounce.
COMEX May silver closed up $1.427 or 3.6 percent at $41.664 an ounce on strong investment buying, outperforming gold. Range extended from $40.45 to $41.78 an ounce. Spot silver climbed 2.8 percent to $41.76, near a 31-year high at $41.93 an ounce. NYMEX July platinum finished up $18.4 or 1 percent at $1,795.60 an ounce, firming with other precious metals. Spot platinum gained 1.1 percent to $1,789.49. NYMEX June palladium closed up $8.95 or 1.2 percent at $774.25 an ounce, following platinum. Spot palladium rose 1.4 percent to $771.47.
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