US gold futures dropped more than 1 percent early on Thursday on profit taking as global stock markets showed signs of steadying a day after central banks cut key interest rates in a co-ordinated effort to boost the economy, dealers said.
December gold down $15.30, or 1.7 percent, at $891.20 an ounce on the COMEX division of the New York Mercantile Exchange at 10:37 am EDT (1437 GMT). December ranged from $882.90 to $914.40. COMEX estimated 9:00 am volume at 34,814 lots, with options turnover at 2,288 contracts.
Spot gold drops to $887.05/890.05 an ounce, down 2.2 percent from $906.50, Wednesday's nominal trade. NYMEX December silver up 4.80 cents at $11.820 an ounce. Trade ranged from $11.520 to $11.865 an ounce. Less-liquid silver edged up in spite of gold's decline.
COMEX estimated 9:00 am volume at 2,936 lots. Spot silver at $11.71/11.81 an ounce, up from Wednesday's nominal close of $11.70 an ounce. NYMEX January platinum up $33.30, or 3.3 percent, at $1,045.40 an ounce. December palladium up $6.25, or 3.1 percent, at $205.95 an ounce. Spot palladium at $198.00/208.00.
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