US gold futures ended higher Wednesday on a weaker dollar and strong Asian physical demand, while an improving global economic outlook took platinum and palladium to hit multiyear highs. COMEX February gold futures settled up $2 at $1,370.2 an ounce on the COMEX division of the NYMEX. Ranged from $1,365.50 to $1,378.90 an ounce.
Strong physical demand in China in the run-up to the Lunar New Year helped lift prices, said Barclays Capital analyst Suki Cooper. COMEX gold futures volume at 150,000 lots, 3 percent below its 30-day average - preliminary Reuters data showed. Spot gold climbed 0.1 percent to $1,368.76 by 3:42 pm EST (2042 GMT). COMEX March silver ended down 11.1 cents at $28.801 an ounce on profit taking.
Ranged from $28.625 to $29.49. COMEX estimated silver futures volume totalled nearly 90,000 lots, 45 percent higher than its 30-day average, according to preliminary Reuters data. Spot silver eased 0.6 percent at $28.68 an ounce. NYMEX April platinum finished up $9.8 at $1,838.1 an ounce on better industrial outlook. Spot platinum rose 1.2 percent at $1,821.24 an ounce NYMEX March palladium closed up $9.30 or 1.2 percent at $819.75 an ounce, tracking platinum. Spot palladium gained 2.5 percent to $810.22 an ounce.
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