New York gold futures fell to fresh two-week lows on Friday, briefly trading below $990 an ounce, as a resurgent dollar prompted short-term bullion traders to lock in profits ahead of the weekend. December gold down $4.30 at $994.60 an ounce at 10:08 am EDT (1408 GMT) on the COMEX division of New York Mercantile Exchange.
Range from $1,000.50 to $985.50, lowest since September 10. Gold's recent drop was a minor correction after it failed to clearly break above strong resistance at $1,020 an ounce level earlier this week, said traders.The dollar partially erased losses after US data showed that durable goods orders dropped in August, pressuring bullion's status as a hedge against a weakening US currency.
Gold's retreat is definitely dollar-driven, and a correction in an overly long US futures market could send prices to the mid- to upper-$900 range, said Jon Nadler, senior analyst at bullion dealer Kitco Metals Inc. Gold-to-oil ratio at 14.82, down from the previous session's 15.12.
COMEX estimated 9 am volume at 62,814 lots. Spot gold at $992.75 versus $993.75, which was the previous session's late New York quote. December silver down 8 cents at $16.215 an ounce, tracking gold's decline. Range from $15.955 to $16.410. COMEX estimated 9 am volume at 20,879 lots.
Spot silver was at $16.17, versus its previous finish of 16.18 an ounce. October platinum down $13.70, or 1 percent, at $1,294.80 an ounce, following general weakness of metals across the board. Spot platinum was at $1,286.50, compared with its previous finish of $1,297.50. December palladium down 10 cents at $297.80 an ounce, down with platinum. Spot palladium was at $292, against its previous close of $291.50.
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