US gold futures rallied to end above $920 an ounce early on Tuesday, fuelled by inflation worries based on record crude oil prices as well as dollar weakness. The June gold contract on COMEX division of New York Mercantile Exchange settled up $14.40, or 1.6 percent, at $920.20 an ounce.
June futures soared earlier to $924.10, the highest level since April 23. The session low was $903.10. Gold's inflation hedge role enhanced as oil surged to a record high, targeting the $130 a barrel level.
COMEX estimated final volume at 155,730 lots, options turnover at 18,649 contracts. COMEX gold futures open interest down 1,287 lots at 451,701 lots as of Monday, May 20. Spot gold at $920.20/921.40 an ounce at 2:15 pm EDT (1815 GMT), compared with $905.00/906.40 in late Monday trade.
July platinum ended down $10.40 at $2,147.80 an ounce. Spot platinum quoted at $2,133/2,153. June palladium finished down $1.10 at $450.25 an ounce. Spot palladium quoted at $443/448. July silver futures outperformed gold's gains to close up 69.70 cents, or 4.1 percent, at $17.725 an ounce. Ranged $16.960 to $17.740, a four-week high. Spot silver at $17.59/17.66 an ounce versus the $16.99/17.05 late quote of Monday.
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