Gold futures in New York surged to one-month highs early Wednesday, extending a recent currency-based rally, after markets shrugged off data showing higher-than-expected US consumer prices last month. Silver popped to an eight-day peak on gold's strength, while platinum bolted to a one-month high and sister-metal palladium was at its strongest in three weeks. June delivery gold on the New York Mercantile Exchange's COMEX division was up $2.00 at $436.40 an ounce by 10:31 am EDT, darting from a session low at $433 to $436.70, which marked its highest level since March 21.
Futures had initially paused for breath at the opening after a three-day ascent, as a the US currency was looking somewhat steadier on Wednesday.
But prices soon were swinging higher after the euro recovered from a slide below the psychological $1.30 level to regain $1.3040.
Analysts pegged COMEX June gold as in a range between around $425 and $445 to $450.
Gold also has stayed supported by steady physical demand and a diminishing chance that the International Monetary Fund will sell gold to help finance Third World debt write-offs, analysts said.
The market has opposed what many players view as disruptive sales by the IMF, the world's third-largest holder of bullion.
Spot gold changed hands at $433.30/4.00 an ounce, above Tuesday's close in New York at $432.50/3.25. Wednesday's afternoon fix in London was $433.20.
COMEX May silver was up 1.5 cents at $7.265 an ounce, traded $7.20 to $7.29 - its best level since April 12. Spot silver rose to $7.23/26, from Tuesday's New York closing quote at $7.22/25. The fix hit $7.205.
NYMEX July platinum gained $4.80 to $875 an ounce. Spot platinum ascended to $870/875.
June palladium rose $2.50 to $204.50 an ounce. Spot palladium was worth $202/205.
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