US gold futures pared early gains on Wednesday's early gain as the euro lost ground against the dollar and investors sold bullion positions to cash in profits stemming from a recent rally. COMEX April gold was up 90 cents at $1,120.70 an ounce at 9:08 am EST (1408 GMT), retreating from a near one-month high of 1,128.70. Range $1,116.30 to $1,128.70.
A stronger dollar and investors profit-taking after a steep rally helped pared early gains, said Stephen Platt, an analyst with Chicago-based Archer Financials. The US dollar rose against the euro on Wednesday on positive US housing starts data. India's gold imports for 2010 may rebound to 550 tonnes, a senior trade body official told Reuters.
World Gold Council sees continued strong gold demand for investments in 2010. Strong investment appetite for gold lifted the metal to a one-month high earlier Wednesday. Spot gold at $1,119.55 at 9:12 am EST versus $1,118.80 late Tuesday in New York.
March silver 3.2 cents higher at $16.18 an ounce at 9:11 am, tracking gold's rally. Range $16.07 to $16.33. Spot silver at $16.16 versus $16.10 late in the previous session in New York. April platinum up $7 at $1,544.70 an ounce. Spot platinum at $1,539.50. March palladium up $6.05 at $438.50 an ounce. Spot palladium at $437.
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