US gold futures dropped slightly on Friday as the dollar rose, but losses were limited due to strong underlying support amid economic uncertainties and inflation concerns. COMEX December gold down 60 cents at $1,141.30 an ounce at 9:59 am EST (1459 GMT) on the NYMEX. Range spanned from $1,132.50 to $1,148.10.
Gold pressured as the dollar rises for a second straight session as investors cuts risk exposure. Gold's ability to stem losses despite weaker equities and commodities signal strong buying interest, said traders. Sentiment still positive after news that billionaire hedge fund manager John Paulson will start a gold fund. December $1,200 call strike options set to expire worthless on Monday, despite strong open interest, said option traders.
Gold-to-oil ratio at 14.92, up from the previous session's 14.74. COMEX estimated 10 am volume at 114,363 lots. Spot gold at $1,137.90 an ounce, compared with $1,143.50 late in the previous session in New York. December silver down 22.5 cents, or 1.2 percent, at $18.230 an ounce, tracking gold's weakness. Ranged from $18.035 to $18.595. COMEX estimated 10 am volume at 24,157 lots.
Spot silver was at $18.21 against $18.51 in the previous session in New York. January platinum down $8.20 at $1,435.70 an ounce on broad-based commodities weakness amid a strong dollar. Spot platinum $1,427.50 an ounce. December palladium down $9, or 2.4 percent, at $360.90 an ounce on platinum's weakness. Spot palladium $358 an ounce.
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