US gold futures rebounded Wednesday on a sharply lower dollar, after an influential consultancy said the Federal Reserve planned to offer further monetary stimulus by buying $500 billion of US Treasuries over six months to stimulate economic growth. COMEX December gold futures settled up $8.20 at $1,344.20 an ounce on the COMEX division of the NYMEX. Ranged from $1,331.10 to $1,348.10 per ounce.
Bullion's less than 1 percent rise was relatively muted after Tuesday's hefty losses, as the dollar index slid 1.4 percent and on track for its biggest one-day decline in nearly four months. Estimated gold volume at about 161,000 lots, about 7 percent above its 30-day average, preliminary Reuters data showed. Spot gold rose 0.7 percent to $1,345.90 an ounce by 3:10 pm EDT (1910 GMT). COMEX December silver ended up 8.40 cents at $23.864 an ounce on gold's coat-tails. Ranged from $23.290 to $23.975 an ounce. Estimated silver turnover was at 56,000 lots, about 23 percent above its 30-day average - preliminary Reuters data. Silver rose 2.2 percent to $23.80 an ounce, having also slipped by the most since July 1 on Tuesday with a 4 percent decline.
NYMEX January platinum finished up $9.70 at $1,687.30 an ounce on broad-based equity and commodity markets rebound. Spot platinum traded up 0.8 percent at $1,681.49 an ounce NYMEX December palladium closed up $12.20, or 2.1 percent, at $590.65 an ounce, lifted by gold and platinum's rise, said traders. Spot palladium rose 2.3 percent to $585.49.
Comments
Comments are closed.