Gold futures rallied to record highs above $1,320 an ounce on Friday as comments from Federal Reserve officials and economic data increased expectations of more US monetary easing. COMEX December gold futures settled up $8.20 at $1,317.80 an ounce on the COMEX division of the NYMEX.
Range ran from $1,307.30 to $1,322 - a record high. The dollar fell to a six-month low versus the euro after New York Fed President William Dudley said more Fed action to boost growth will likely be needed if the economic outlook doesn't improve.
Gold supported after US data also showed both consumer and construction spending rose more than expected in August, but investment in private projects fell to its lowest level in more than 12 years, leaving the door open for more quantitative easing, said traders.
COMEX gold open interest eased but held near Tuesday's record at 619,408 lots, and the exchange estimated final gold volume at about 101,000 lots, 13 percent lower than its 30-day average, preliminary Reuters data showed. By 3:07 pm EDT (1907 GMT), spot gold rose 0.8 percent to $1,315.80. London afternoon gold fixed at $1,316.25 an ounce.
COMEX December silver ended up 23.9 cents, or 1.1 percent, at $22.06 an ounce, outperforming gold's gains. Ranged from $21.725 to $22.170 an ounce. COMEX estimated final volume at 40,400 lots, about 6 percent lower than the 30-day average - preliminary Reuters data. Spot silver was trading up 1.7 percent to $22.05 an ounce, after hitting a 30-year high at $22.15 an ounce. London silver was fixed at $22.07 an ounce.
NYMEX January platinum settled up $23.50, or 1.4 percent, at $1,682.10 an ounce on as an equity market rally brightened demand for industrial metals, said traders. Spot platinum gained 1.6 percent to $1,677 an ounce. NYMEX December palladium closed up $3.65 at $574.90 an ounce, moving up with platinum. Spot palladium was trading up 2 percent to $575 an ounce.
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