US gold futures ended higher on Friday, hitting a record above $1,300 an ounce on worries over economic uncertainty after the Federal Reserve raised expectations of new measures to stimulate growth. COMEX December gold futures settled up $1.80 at $1,298.10 an ounce on the COMEX division of the NYMEX.
Trading ranged from $1,290.60 to $1,301.60 - a record high. Gold benefited from renewed worries about inflation after Friday's better-than-expected durable goods data and rallying grain prices, said Adam Klopfenstein at MF Global's Lind-Waldock.
Gold's attraction as a hedge against inflation increased after data showed new orders for a wide range of long-lasting US manufactured goods rose in August and business spending plans rebounded strongly. Gold has risen more than 4 percent this month and hit record highs in six of the last seven sessions.
COMEX estimated final gold volume at 105,351 lots, in line with its 30-day average, preliminary Reuters data showed. Spot gold fetched $1,295.60 an ounce by 4:11 pm EDT (2011 GMT), up from the previous session's last trade at $1,293.50 an ounce.
London afternoon gold fix at $1,290.75 an ounce. COMEX December silver ended up 18.6 cents at $21.399 an ounce, as gold's rallies to record highs triggered strong investment demand for the white metal. Trade ranged from $21.120 to $21.490 an ounce - the highest level since 1980.
COMEX estimated final volume at 33,288 lots. Spot silver fetched $21.45 in late New York deals, against $21.14 in the previous session. London silver was fixed at $21.08 an ounce. NYMEX October platinum finished down $6.10 at $1,639.80 an ounce as investors took profits after recent gains, said traders. Spot platinum at $1,640 an ounce. NYMEX December palladium closed up $3.65 at $560.50 an ounce, tracking gains in industrial metals. Spot palladium at $556 an ounce.
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