US gold futures rebounded on Tuesday as the dollar weakened against the euro, and the metal should rise further only if supported by rising inflationary expectations, analysts said. December gold up $5.80 to 949.50 an ounce at 10:27 am EDT (1427 GMT) on the COMEX division of the New York Mercantile Exchange.
Ranged from $943.10 to $956.30. The December contract bounced on a lower dollar after prices fell toward $940 an ounce on Monday. Gold/oil ratio at 12.84, up from the previous session's 12.67. COMEX estimated 10 am gold volume at 39,087 lots. Spot gold at $947.20 an ounce, against $941.40 in late Monday dealings in New York. London afternoon gold fix at $950.50 an ounce.
September silver up 5 cents to $14.245 an ounce on pent-up demand following last week's decline. Silver futures had recently performed gold, helped by better economic sentiment. Usually less-liquid silver has the characteristics of both precious and industrial metals. Ranged from $14.405 to $14.060 an ounce. COMEX estimated 10 am silver volume at 13,447 lots.
Spot silver at $14.23 an ounce, versus $14.13 an ounce in Monday's late business. London silver fixed at $14.410 an ounce. October platinum down $6.70 to $1,241.40 an ounce, even on the news of strike in top-producing country South Africa. The popular US "Cash for Clunkers" program has ended on Monday. The initiate is seen to be neutral for platinum demand.
Platinum is mainly used by the car industry as a key component in catalytic converters. Spot platinum at $1,233.50 an ounce against $1,236.50. September palladium up $3.25, or 1.1 percent, at $288.60 an ounce, after reaching a contract high of $291.55 an ounce earlier in the session. Spot palladium at $285.75 an ounce, against its previous finish of $279.50.
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