US gold futures edged higher in thin holiday trade early Friday as a slightly weaker dollar against the euro made precious metals a better buy for non-US investors. Gold for February delivery was up 20 cents at $848.20 an ounce by 9:47 am EST (1447 GMT) on the Comex division of the New York Mercantile Exchange. Ranged from $843.40 and $850.70.
Activity subdued due to the closure of London financial markets for the Boxing Day holiday, brokers said. Comex estimated gold volume at a thin 6,397 lots by 9 am Precious complex underpinned by a slightly weaker dollar, which remained under pressure from bleak US economic data on Wednesday that reinforced the grim outlook for the US economy in the year ahead.
On Wednesday, data showed consumers cut their spending in November for the fifth straight month and orders for costly manufactured goods slumped, while the number of workers filing new claims for jobless benefits last week hit a 26-year peak.
Spot gold was trading at $847.55/$849.25 an ounce by 9:48 am from $845.80 an ounce late Wednesday in New York. March silver rose 5.0 cents to $10.40 an ounce. The range ran from $10.30 from $10.455. Spot silver was at $10.36/$10.34 compared with $10.23 late Wednesday.
Nymex January platinum jumped $26.20 or 3 percent to $885.60 an ounce. Brokers said the move was exaggerated due to the thin trading. Spot platinum last quoted at $882.00/$892.00. March palladium fell $2.15 to $172.75 an ounce. Spot palladium was last at $174.00/$179.00.