US gold futures rose on Thursday, retreating from a one-week high earlier in the session as the metal took the lead from the euro/dollar amid details from a European union rescue plan for Greece. COMEX April gold up $2.30 at $1,078.60 an ounce at 10:10 am EST (1510 GMT). Range $1,072.90 to $1,087.50. April cuts initial gains as euro drops after details emerged from EU debt aid plan.
Greek bond purchases by eurozone banks is one of the options considered, said sources. Gold shakes off negative sentiment due to Bernanke's comment on possible stimulus pullback. Worries about debts, accommodative monetary policy friendly to gold prices, said Thomas Winmill at Midas Fund.
December output from top gold producer South Africa down 8.8 percent from November. Gold-to-oil ratio at 14.49, against 14.39 in the previous session. COMEX estimated 10 am volume at 86,168 contracts. Spot gold at $1,076.85, against $1,071.55 in late New York business in the previous session.
March silver down 5.5 cents at $15.245 an ounce, weighed down by a dollar rise. Range $15.175 to $15.520. COMEX estimated 10 am volume at 20,175 lots. Spot silver at $15.21 an ounce, compared with $15.18 late in the previous session in New York.
April platinum down $11.50 at $1,501.40 an ounce on profit-taking. ETFS Platinum's holdings unchanged from previous day at 264,774 ounces as of February 10; ETFS Palladium's holdings also flat at 429,813 ounces. Spot platinum at $1,494.50 an ounce. March palladium up $2.70 at $416.05 an ounce, tracking stronger gold. Spot palladium at $411 an ounce.
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