US gold futures climbed above $920 an ounce early on Wednesday on a weak dollar, erasing early gains as oil diminished after initially surging to record highs, stirring inflation worries. The June gold contract on COMEX division of New York Mercantile Exchange up $2.70 at $922.90 an ounce at 10:01 am EDT (1401 GMT).
June futures soared earlier to $927.70, the highest level since April 22. The session low was $916.50. Gold's inflation hedge role increased as oil surged to a record high $130.47 a barrel in early trading.
COMEX estimated 9 am volume at 57,241 lots. Spot gold at $922.20/923.40 an ounce, compared with $920.20/921.40 in late Tuesday trade. Platinum July up $24.70, or 1.2 percent, at $2,172.50 an ounce, after initially hitting a 2-1/2 month peak of $2,210.90. Spot platinum quoted at $2,157.50/2,177.50.
June palladium down $2.25 at $448.00 an ounce. Spot palladium quoted at $443/451. Silver July futures up 4.50 cents at $17.770 an ounce. Ranged $17.610 to $17.915, a four-week high. Spot silver at $17.70/17.76 an ounce versus the $17.59/17.66 late quote of Tuesday.