US platinum futures ended a touch lower Monday from the record highs of the previous session, with the market barely trading on the eve of Christmas, dealers said. Gold futures were up slightly, tracking higher oil prices.
Dealers of precious metals in New York said market activity was minimal with most traders and investors already on holiday or watching from the sidelines. "It's like watching paint dry," said George Nickas, a dealer at FC Stone, of the trading.
Most-active platinum futures for January settled off 10 cents or 0.01 percent at $1,536.00 an ounce on the COMEX metals division of the New York Mercantile Exchange. The contract had hit a record high of $1,540 on COMEX on Friday. Spot platinum closed at an all-time high of $1,526/1,530 an ounce in Monday's UK trade, against the $1,521/1,525 level seen in New York late on Friday.
UK dealers said platinum rose in light festive-season business on buying from speculators and industrials consumers concerned about tight supplies. Platinum prices have surged 37 percent this year after physical stocks of the precious metal had fallen to around seven weeks of global consumption due to lower output from top producer South Africa.
In gold, COMEX's most-active contract for February ended up $1.40 or 0.17 percent at $816.80 an ounce. Spot gold ended European business at $812.30/813.10 an ounce, versus $810.50/811.30 in late New York trade on Friday. At 1:00 pm, it was quoted at $812.60/813.40.
COMEX estimated gold futures volume stood at 24,795 contracts by 1:00 pm, with gold options at 1,950 lots. March palladium edged up $2.25 to $363.40 an ounce. Spot palladium fetched $357/358. COMEX March silver settled up 17.20 cents at $14.660 an ounce, moving between $14.455 and $14.720. Spot silver was quoted at $14.52/14.57 an ounce.