US gold futures finished firmer on Wednesday after a fresh round of US economic readings reinforced fears of extended recession, though trade was thin with many participants gone for the Christmas holiday, traders said. Futures markets will be closed Thursday for the Christmas holiday and reopen on Friday.
February gold settled with $9.90, or 1.18 percent, gains at $848.0 an ounce on the COMEX division of the New York Mercantile Exchange. February gold's range was tight between $835.40 and $849.60 an ounce. Activity was exceptionally light in pre-Christmas holiday conditions, traders said. Comex estimated final gold volume at 17,826 lots.
The lower dollar helped push gold higher, but its small losses against the euro stunted gold's gains, traders said. "The only real negative is that the dollar wasn't really weakening to go along with it. If the dollar was weaker you'd probably have gold up $15 or $20," said Frank McGhee, head precious metals trader for Integrated Brokerage Services LLC.
Spot gold was up at $845.80 an ounce at 2:15 pm EST (1915 GMT) from $836.90 an ounce late Tuesday in New York. March silver rose 9.0 cents, or 0.88 percent, to settle at $10.35 an ounce. March futures ran between $10.2250 from $10.45 an ounce. Spot silver was higher at $10.32 an ounce in late Wednesday business from $10.23 on Tuesday.
Nymex January platinum was $12.90, or 1.52 percent, stronger to finish at $859.40 an ounce. Spot platinum cut gains to $849.50 from $841.50 late on Tuesday. March palladium ended $0.20 higher at $174.90 an ounce. Spot palladium rose to $174.0 an ounce from $171 an ounce on Tuesday.
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