Gold steadied on Friday, within sight of its highest level in almost three months hit the previous day, as strong oil prices helped the metal resist selling pressure from speculators and jewellers.
Platinum hit a one-week high on bargain hunting and gains in Tokyo futures, after falling to a two-month low on Tuesday on fears that a slowing US economy could weaken demand for the precious metal used in auto catalysts. Gold was at $944.45/945.45 an ounce, steady from $944.10/945.30 late in New York, having hit a low of $941.40 an ounce as speculators booked profits and jewellery makers in parts of Asia cashed in on the metal's gains.
Gold struck a lifetime high of $1,030.80 in March on record-high crude oil, which raised fears of inflation and expectations of more rate cuts in the United States, making the metal more attractive as an alternative investment.
Gold futures for August delivery on the COMEX division of the New York Mercantile Exchange added $3.7 an ounce to $945.7. Spot platinum rose to $2,023.50/2,043.50 an ounce from $1,994.50/2,014.50 late in New York, having hit a one-week high of 2,030 an ounce.
The most active platinum contract for June 2009 delivery on the Tokyo Commodity Exchange rose 200 yen per gram to 6,924 yen as funds returned to the market after the contract hit a one-month low this week. Spot palladium rose to $449.50/457.50 an ounce from $445.00/453.00 an ounce late in New York. Silver rose to $18.34/18.39 an ounce from $18.28/18.33 late in New York.
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