US gold futures dropped slightly in choppy trade Friday on preweekend profit taking following a sharp rally, but strong investment flows into gold exchange-traded funds should put a floor under prices. Gold for April delivery was down 70 cents at $958.10 an ounce at 9:52 am EDT (1352 GMT) on the COMEX division of the New York Mercantile Exchange.
Ranged between $946.70 and $967.80, which marked the highest level since February 25. Investors locked in profits ahead of the weekend after April futures jumped 8 percent during the last two sessions following a plan by the Federal Reserve to buy government debt.The worlds largest gold-backed exchange-traded fund, the SPDR Gold Trust, said holdings rose to a record 1,103.29 tonnes as of March 19, up 18.96 tonnes, or 1.7 percent, from the previous day.
The gold/oil ratio was at 18.58 on Friday, compared with 18.77 the previous session. Spot gold was at $954.10 an ounce, down 0.5 percent from its last quote in New York late Thursday. London morning fix $957.00 an ounce. COMEX May silver rallied to a three-week high.
It was up $6.50 at $13.585 an ounce as volatile silver outperformed golds rally. Retracement possible after May futures posted a nearly 14 percent increase in the past two sessions, said traders. Ranged $13.410 to $13.745 - the loftiest level since February 25. Spot silver at $13.56 an ounce, down 0.1 percent from its Thursday finish.
Silver fixed in London at $13.65 an ounce. NYMEX April platinum up $1.20 at $1,123.00 an ounce on generally broad-based strength of precious metals. Spot platinum at $1,116.00 an ounce, down 0.4 percent from its previous close. June palladium up $3.00, or 1.5 percent, at $209.00 an ounce, tracking platinums gains. Spot palladium at $206.00 an ounce, up 1.2 percent from its late Thursday New York quote.
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