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New York gold futures eased in early on Thursday business as the dollar advanced on the euro after improved US economic readings, but prices held within range supported by recent signs of inflation, traders said. COMEX February gold loses $20.90, or 1.84 percent, to $1,115.30 an ounce on the COMEX division of NYMEX. Range spanned $1,113.80 and $1,142.90 an ounce.
Dollar's surge against the euro brought out sellers of dollar-denominated gold, said traders. US dollar soared near 3-1/2 month highs on the euro, a day after the Federal Reserve highlighted improvement in the US economy and stood by plans to end most emergency lending in February. Despite its declines, gold support has held as the longer-term view still holds bullish potential, said traders.
Jump in the December Philly Fed prices paid index was the latest in a series of inflation readings that have increased pace recently. Eighth straight monthly increase in the US leading economic indicators for November and an increase in the Philadelphia Fed's business conditions reading helped the dollar and pressured gold, said traders.
Spot gold slips to $1,113.40 an ounce by 10:12 am EST (1512 GMT) from Wednesday's late quote at $1,137.40. COMEX estimated 9 am EST (1400 GMT) gold volume at 101,110 lots. March silver tumbles 31.30 cents, or 1.77 percent, to $17.38 an ounce. Range spanned $17.27 to $17.8050 per ounce. COMEX estimated 9 am silver volume at 12,909 lots.
Spot silver was sharply lower at $17.31 an ounce than the previous session's late quote at $17.67. NYMEX January platinum slides $18.10 to $1,439.50 an ounce. Spot platinum was quoted lower at $1,432 an ounce from $1,451.50 by late Wednesday. March palladium eases $2.15 to $371 an ounce. Spot palladium drops to $368 an ounce from $371.50 previously.

Copyright Reuters, 2009

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