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US gold futures rebounded on Thursday as a dollar drop improved investor sentiment, and the metal is set to post its biggest yearly gain in three decades due to a combination of currency depreciation worries, central bank buying and doubts about the nascent economic recovery.
Gold futures for February delivery was up $4.20 to $1,096.70 an ounce on the COMEX division of the New York Mercantile Exchange by 10:32 am EST (1532 GMT). Ranging from $1,093.10 to $1,107.60. Recent spate of strong US employment, other economic data boosted hopes of a robust recovery have helped the dollar, traders said.
Investment demand provides underlying support. SPDR Gold Trust bullion holdings have risen 353 tonnes or 45 percent year to date. Spot gold was at $1,098.10, against the previous session's late quote of $1,092.55 an ounce. March silver was up 9.8 cents at $16.90 an ounce, up with gold. Range from $16.780 to $17.105 an ounce.
Spot silver was at $16.87 an ounce, versus the previous session's late quote at $16.79 an ounce. Nymex April platinum was up $12.30 at $1,475.60 an ounce on strong investor sentiment driven by expected regulatory approval of the first US platinum exchange traded fund. Spot platinum was at $1,466.50 an ounce. March palladium was up $11.10, or 2.8 percent, to $407.20 an ounce on strong investment buying. Spot palladium was at $403 an ounce.

Copyright Reuters, 2010

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