US gold futures seesawed but edged up Thursday as bargain hunting offset a strong dollar and losses in gold exchange-traded fund holdings. August gold was up 20 cents at $923.00 an ounce on the Comex division of New York Mercantile Exchange at 11:08 am EDT (1508 GMT).
The session high was $931.40. On Wednesday, selling accelerated after bullion fell below chart-based sell-stops at key support levels $940 and $930. The August futures had dropped as much as $30 an ounce on Wednesday. Gold bounced on perceptions that the losses this week in both oil and gold may have been overdone, Kitco Bullion Dealers Senior Analyst Jon Nadler said. Estimated 9:00 am volume at 87,807 lots, options turnover at 1,043 lots.
Spot gold was quoted at $922.35/923.35 compared with $921.35/922.95 late Wednesday. September silver was down 13.3 cents at $17.325 an ounce. Ranged from $17.670 to $17.130 a near three-week low. Estimated 9:00 am volume at 8,454 lots. Spot silver was at $17.27/17.32 compared with $17.33/17.38 late Wednesday.
October platinum was down $35.80, or 2 percent, at $1,725.00 an ounce. Spot platinum was at $1,711.50/1,731.50. September palladium was down $5.85, or 1.5 percent, at $386.30 an ounce, following platinum's weakness. Spot palladium at $383.50/391.50.