US gold futures settled up Friday, extending the previous sessions gains as a weaker dollar and worries about the outlook of global inflation triggered technical buying ahead of the weekend. Gold for April delivery settled up $6.10 at $930.10 an ounce on the COMEX division of the New York Mercantile Exchange.
GOLD: Ranged between $941.10 and $919.60. Gold could rise above $1,000 an ounce as inflation wreaks havoc, which looks inevitable at this point - Zachary Oxman, senior trader of Wisdom Financial. New buyers emerged in gold when the dollar fell against major currencies as market sentiment improved given more positive news in the banking sector - traders.
Chart-based buying supported April futures as prices rose above recent breakout level around $931 an ounce. Momentum positive as after the worlds largest gold-backed exchange-traded fund, the SPDR Gold Trust , said it held a record 1,041.53 tonnes of bullion as of March 12, replacing Switzerland as the worlds sixth-largest holder of gold.
The higher price of bullion combined with a global recession has hit gold jewellery buying, but jewelry should start moving off the shelves again once consumers get used to paying more - top gold miners. Mints around the world say demand for gold coins has risen sharply as interest in the precious metal soars on the back of financial instability and concerns over the inflation outlook.
The gold-oil ratio was at 20.14 on Friday, compared with 19.93 the previous session. COMEX estimated 1:00 pm volume at 113,063 lots and options turnover of 4,092 contracts. COMEX gold open interests up 6,833 lots at 376,596 lots as of March 12. Spot gold was at $927.55 an ounce at 2:10 pm EDT (1810 GMT), up 0.1 percent from its last quote in New York late Thursday.
SILVER: COMEX May silver finished up 27.2 cents, or 2.1 percent, at $13.215 an ounce, following golds bounce. Ranged $12.885 to $13.285 COMEX estimated 1:00 pm volume at 9,770 lots. Spot silver at $13.16 an ounce, up 1.7 percent from its Thursday finish.
PLATINUM: NYMEX April platinum ended up $12.10, or 1.2 percent, at $1,063.60 an ounce as investors bet autocatalyst demand will recover in a better economy. Spot platinum at $1,054.00 an ounce, up 0.4 percent from its previous close.
PALLADIUM: June palladium closed up $1.70 at $200.00 an ounce, tracking platinums gains. Spot palladium at $197.50 an ounce, up 1.3 percent from its late Thursday New York quote.
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