Gold ticked up on Tuesday as the US dollar slipped against other currencies and physical demand picked up, while silver was steady near its strongest since early 2008 on hopes of a recovery in the global economy. Palladium, used in jewellery and autocatalysts, hit a four-month high on fund buying related to gains in equities and base metals, lifting sister metal platinum.
Spot gold added $3.75 an ounce to $1,249.00 an ounce by 0527 GMT after lacklustre trade on Monday. Gold struck a record around $1,294 an ounce in June. US gold futures for December delivery rose $4.2 an ounce to $1,251.3 as dealers shrugged off a slight decline in holdings in the world's largest gold-backed exchange-traded fund. SPDR Gold Trust said its holdings dropped to 1,292.619 tonnes by September 13 from 1,293.531 tonnes by September 10.
The holdings hit a record 1,320.436 tonnes on June 29. Silver was steady at $20.13 an ounce, having hit a high at $20.22 on Monday, its highest since March 2008, as rallies in equities and a 13.9 percent rise in China's industrial output boosted industrial metals.
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