New York gold futures ended 4 percent higher in thin, volatile trade on Monday as investors sought a safe haven amid a plunge stock markets caused by mounting fears a worsening financial crisis would lead to global recession.
GOLD: December gold settled up $33.00, or nearly 4.0 percent, at $866.20 an ounce on the COMEX division of the New York Mercantile Exchange. December gold traded as low as $828.40, near a 2-1/2-week low. Its session high was $879. Safe-haven buying in gold boosted as stock markets around the world plummeted as recession fears led to widespread panic selling - traders.
COMEX estimated final volume at 132,502 lots, with options turnover at 14,648 contracts. Spot gold at $867.30/869.30 an ounce at 2:37 pm EDT (1837 GMT), up 3.9 percent from $834.80 an ounce, its Friday nominal close. COMEX estimated final volume at 23,599 lots. Spot silver at $11.03/11.13 an ounce, down from its Friday nominal close of $11.09 an ounce.
PLATINUM: NYMEX January platinum finished up $20.70, or 2.1 percent, at $986.50 an ounce, on chart-based support. Sell-off in platinum should end soon as support from commodity funds could be seen - NYMEX floor trader. Spot platinum at $964.50/984.50 an ounce.
PALLADIUM: December palladium closed down 15 cents at $201.70 an ounce, trading in a range from $196.55 to $206.00 an ounce. Spot palladium at $193.50/203.50 an ounce.
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