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Precious metals futures in New York were mostly higher Thursday morning after a prior heavy selloff, as the dollar turned neutral on two US economic reports, traders said.
COMEX August gold futures gained $2.20 to $387.40 an ounce at 10:53 am EDT (1453 GMT), within a range of $383.20 to $387.70, after dollar strength on Wednesday knocked it to three-week lows. Estimated volume was 14,000 lots by 10:00 am Dealers said they were adjusting positions ahead of the three-day weekend after markets backtracked previously.
"There's been a fair amount of liquidation but there's not much volume going on right now and I think people will probably square up their books a bit," a broker at a futures commission merchant in New York said.
US financial markets will shut Friday for a national day of mourning for former President Ronald Reagan who died on Saturday. Two US economic reports neutralised the dollar's advance against the euro at midmorning Thursday.
Jobless claims rose unexpectedly last week, gaining 12,000 to 352,000, while US import prices climbed 1.6 percent in May for the biggest monthly rise since February 2003, adding to worries about inflation.
Metals have been on the defensive as the dollar surged after the Federal Reserve on Tuesday stressed it will act as needed to keep a lid on inflation, suggesting sharper interest rate increases than previously expected were possible.
Spot gold gained to $386.90/7.40, from Wednesday's close in New York at $383.70/4.45. Thursday's afternoon fix in London was $384.95 an ounce. July silver rose 7.2 cents to $5.705 an ounce, the top of a $5.60-$5.705 range. Spot touched $5.68/70, above $5.62/64 late Wednesday. Thursday's fix was $5.6575.
NYMEX July platinum was up $2.20 at $805.50 an ounce, bouncing back after heavy currency-based selling in Asia overnight. Spot was last at $799.00/804.00. September palladium was weaker metal, however, down $1.20 at $218 an ounce. Spot fetched $217.00/222.00.

Copyright Reuters, 2004

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