US gold futures climbed and held near a fresh quarter-century high early on Thursday, as an early wave of profit-taking dried up when speculators added to their huge long positions in the metal, dealers said.
By 10:06 am EST at the New York Mercantile Exchange's COMEX division, February delivery gold was up $1.80 at $519.60 an ounce, moving between $515.80 and $522.60 - the loftiest price for benchmark futures since April 1981.
Traders and money managers have piled into gold recently on expectations for continued high metal prices, as well as overall commodities bullishness and economic and geopolitical uncertainty.
Other precious metals joined in the rally, which last week helped boost the yellow metal above the headline price of $500 an ounce. Platinum was near a more than 25-year peak atop $1,000 an ounce and silver pushed to 18-year highs close to $9 an ounce.
"The market is extremely active, and the volatility is all due to specs," said a dealer in New York. "Producers are just sitting on their hands and enjoying the ride."
Analysts said gold had scope to extend gains amid its longest run-up since the market was deregulated in the late 1960s, supported by uncertain outlooks for US inflation and the dollar.
The record high for futures, hit in January 1980 after the oil shock and recession of the 1970s, was $873. Bullion touched another in a streak of 24-year highs Thursday, at $518.50. By midmorning, spot gold was worth $515.70/516.50 an ounce, against $513.90/514.70 at Wednesday's New York close. Thursday's afternoon fix in London was at $515.70.
COMEX March silver fell 1.2 cents to $8.865 an ounce, in a range of $8.785 to $8.955, but it held near a high since May 1987.
Spot silver was flat compared with $8.77/80 in New York previously. The fix was at $8.79.
NYMEX January platinum rose $2.70 to $1,001 an ounce. Tuesday's high of $1,015 was the metal's best price since March 1980. Spot platinum reached $990/994. Thinly traded March palladium fell $1.95 to $280 an ounce. Wednesday's peak of $282.50 was a 19-month high. Spot palladium was stable at $274/278.