US gold futures edged higher in thin holiday trade early Friday as a slightly weaker dollar against the euro made precious metals a better buy for non-US investors. Gold for February delivery was up 20 cents at $848.20 an ounce by 9:47 am EST (1447 GMT) on the COMEX division of the New York Mercantile Exchange. The range from $843.40 and $850.70.
GOLD: Activity subdued due to the closure of London financial markets for the Boxing Day holiday - brokers. COMEX estimated gold volume at a thin 6,397 lots by 9 am Precious complex underpinned by a slightly weaker dollar, which remained under pressure from bleak US economic data on Wednesday that reinforced the grim outlook for the US economy in the year ahead.
On Wednesday, data showed consumers cut their spending in November for the fifth straight month and orders for costly manufactured goods slumped, while the number of workers filing new claims for jobless benefits last week hit a 26-year peak. The euro climbed to $1.4065 from around $1.4015 in late Asian trade on Thursday, supported by expectations that the European Central Bank will slash interest rates further from the current 2.5 percent, but at a slower pace.
Spot gold was trading at $847.55/$849.25 an ounce by 9:48 am from $845.80 an ounce late Wednesday in New York. There was no London gold fix Friday. It fixed Wednesday afternoon at $836.75.
SILVER: March rose 5.0 cents to $10.40 an ounce. The range ran from $10.30 from $10.455. Spot silver was at $10.36/$10.34 compared with $10.23 late Wednesday. There was no London silver fix.
PLATINUM: NYMEX January platinum jumped $26.20 or 3 percent to $885.60 an ounce. Brokers said the move was exaggerated due to the thin trading. Spot platinum last quoted at $882.00/$892.00.
PALLADIUM: March palladium fell $2.15 to $172.75 an ounce. Spot palladium last at $174.00/$179.00.
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