US gold futures held on to robust gains into the close on Thursday, as a string of weaker-than-forecast US economic reports and healthy physical demand underpinned the precious metal, traders said.
GOLD: The June gold contract on COMEX division of New York Mercantile Exchange finished with $13.50 gains at $880.0 an ounce. June futures soared earlier to a 4-day high at $888.0, well above the low at $862.30 an ounce. The benchmark contact triggered stop-loss buy orders above $876 an ounce, and then again at the $887.20 an ounce two-day high after two days of declines. Gold gained when the dollar fell against the euro after reports of strong first-quarter growth in the French and German economies.
Still seeing good physical interest out of Asia. The fact that the dollar has not gone straight up drew some gold players back in the market after they exited positions in anticipation of a further dollar rise that never materialised - Bill O'Neill, partner of LOGIC Advisors.
PLATINUM: July futures ended $37.80 higher at $2,076.90 an ounce. Anticipated market deficit turned any platinum dips into buying opportunities, analysts said. Spot platinum quoted higher at $2,079/2,094 an ounce.
PALLADIUM: June palladium slipped $2.70 to finish at $435.0 an ounce.Spot palladium quoted at $432.0/440.0 an ounce.
SILVER: July futures were up 7.20 cents to close at $16.6850 an ounce, but ran back up toward the high in after-hours trade. The range spanned $16.555 to $17.04. Silver seen following gold's advance.Spot silver rallied to $16.70/16.76 an ounce, above the $16.55/16.61 late quote on Wednesday.London silver fix was lower at $16.60 an ounce.
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