US gold futures slumped to their weakest close in over a year on Wednesday as the dollar surged and recession fears triggered a broad commodity sell-off. December settled down $32.80, or 4.3 percent, at $735.20 an ounce on the COMEX division of the New York Mercantile Exchange.
Futures traded in a near $60 range. December dropped to a 13-month low of $720, the weakest since September 4, 2007. It hit a high of $777.90. COMEX estimated final volume at 148,046 lots, and options turnover at 36,129 lots.
December silver ended down 61.50 cents, or 6.1 percent, to $9.460 an ounce, after hitting a near three-year low of $9.355 an ounce. COMEX estimated final volume at 21,649 lots. Spot silver at $9.42, down 6.4 percent from Tuesday's finish of $10.07. NYMEX January platinum finished down $34.50, or 3.9 percent, to $857.20 an ounce.
Platinum group metals hurt by the weak automotive sector, which accounts for around half of all platinum demand, due to mounting fears of a recession. Spot platinum at $830.50, down 6.2 percent from Tuesday's late quote of $885.50. December palladium closed down $3.00, or 1.6 percent, at $180.10 an ounce. Spot palladium at $175.50, down 2.2 percent from Tuesday's close of $179.50.