New York gold futures broke out of a tiny range to trade higher on Wednesday after new US home sales came in much weaker than forecast for November, pressuring the dollar against the euro and yen, traders said. Gold futures for February delivery on the COMEX division of the New York Mercantile Exchange were up $7 at $1,093.70 an ounce.
GOLD: Range ran from $1,080.10 to $1,094.20. Gold climbed out of its early tight trading band after sales of US single-family homes came in much lower than expected - traders. Dollar extended losses against the euro and yen after data showing new home sales slid to a seven-month low in November, denting optimism about the economy established with a surge in existing home sales a day earlier.
Spot gold added to earlier gains, changing hands around $1,092.20 an ounce by 10:24 EST (1524 GMT), up from Tuesday's late quote at $1,082.05 an ounce. COMEX estimated 11 am EST (1600 GMT) gold volume 67,241 lots. London afternoon gold fix moved up to $1,085.25 an ounce.
SILVER: March silver rallied 16 cents to $17.19 an ounce. Range spanned $16.87 to $17.2150 an ounce. COMEX estimated 11 am silver volume at 10,760 lots. Spot silver advanced to $17.12 an ounce from the previous session's late quote at $16.93 an ounce. London silver was fixed lower at $16.92 an ounce.
PLATINUM: NYMEX January platinum jumped $12.40 to $1,409.30 an ounce. Spot platinum was quoted higher at $1,405 an ounce, up from $1,392 in late Tuesday dealings.
PALLADIUM: March palladium rose $6.80 to $361.05 an ounce. Spot palladium was pushed up to $357.50 an ounce from $352.50 late Tuesday.
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