US gold futures took a breather on Friday as a dollar bounce prompted pre-weekend profit-taking following this week's sharp rally to the previous session's record high above $1,060 an ounce. Most-active December gold futures down $6.30 at $1,050 an ounce at 10:23 a.m. EDT (1423 GMT) on the COMEX division of the New York Mercantile Exchange.
Ranged from $1,044.70 to $1,056.70. Gold continued to closely track currency market movements. The metal is used as a hedge against the dollar weakness. Investors in SPDR Gold Trust held steady as of October 8. The largest gold-backed exchange-traded fund bought nearly 14 tonnes of gold, lifting its holdings 1.3 percent, in the week so far.
India's gold collection under exchange-traded funds rose by 15.3 percent on year to 6.765 tonnes in September, data from the funds showed, in a month when the yellow metal neared its all-time high. Gold-to-oil ratio at 14.60, down from the previous session's 14.68. COMEX estimated 9 a.m. volume at 47,240 lots. Spot gold was at $1,048.10 an ounce, against its previous finish of $1,054 quoted late in New York. December silver down 6 cents at $17.755 an ounce, down with gold.
Ranged from $17.555 to $17.835. COMEX estimated 9 a.m. volume at 8,549 lots. Spot silver was at $17.71, versus its previous finish of 17.72 an ounce. January platinum down $6.90 at $1,346.30 an ounce as investors took profits after Thursday's gains. Spot platinum was at $1,335.50, compared with its previous finish of $1,344.50. December palladium up 90 cents at $323.50 an ounce on strong investment demand. Spot palladium was at $320.50, against its previous close of $318.
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