US gold futures rose above $1,120 an ounce early on Tuesday, gaining 1.5 percent, as an oil rally prompted commodity funds to buy ahead of an interest rate decision and policy statement by the Federal Reserve. COMEX April gold up $17.50, or 1.6 percent, at $1,122.90 an ounce at 9:45 am EDT (1345 GMT).
Range $1,108.10 to $1,127 - highest since March 10. Sovereign debt worries supporting gold, despite recent dollar strength, risk aversion, said James Steel at HSBC. Gold boosted by a lower dollar against euro on expectations the Fed would keep rates low for a long time.
COMEX gold 9 am volume 73,126 lots. Spot gold at $1,123.45 an ounce, versus $1,108.10 late in New York in the previous session. May silver up 34.2 cents, or 2 percent, at $17.450 an ounce, tracking gold. Range from $17.130 to $17.475. COMEX 9 am volume 9,349 lots. Spot silver at $17.41, against $17.05 an ounce in the previous session late quote in New York.
April platinum up $9.90 at $1,625.70 an ounce as economic optimism helps industrial metals. Spot platinum at $1,624 an ounce. June palladium up $6.45, or 1.4 percent, at $467.10 an ounce on platinum's gains. Spot palladium at $464 an ounce.
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