US gold futures climbed on Thursday in mixed, choppy trade as COMEX options expired, and the platinum group metals rose sharply on optimism that US government aid to automakers will boost autocatalyst demand. Gold for April delivery up $2.00 at $937.80 an ounce at 10:31 am EDT (1431 GMT) on the COMEX division of the New York Mercantile Exchange.
Ranged between $932.00 and $946.60. Golds slight gains riding on commodities strength, led by sharply higher crude oil prices. US crude futures jumped 2 percent to nearly $54 a barrel. Gold will remain sensitive to currency movements, a day after US Treasury Secretary Timothy Geithners comments triggered big swings in the forex market, said James Steel, chief commodities analyst at HSBC.
The gold/oil ratio was at 17.38 versus 17.69 in the prior session. COMEX estimated 9 am volume at 76,371 lots, options turnover at 1,712 lots. Spot gold was at $936.45 an ounce, up 0.4 percent from its last quote in New York late Wednesday. London morning fix $935.50 an ounce. COMEX May silver up 11.80 cents, or 0.9 percent, at $13.555 an ounce, following a stronger oil and a bounce of industrial metals. Range $13.400 to $13.735.
COMEX estimated 9 am volume at 4,808 lots. Spot silver at $13.56 an ounce, up 0.8 percent from its Tuesday finish. Silver fixed in London at $13.60 an ounce. NYMEX April platinum rose $33.70, or 3 percent, to $1,156.40 an ounce. It scaled a six-month peak of $1,167.40. PGMs rallied on enthusiasm after a senior US senator said the Obama administration task force was likely to recommend more aid for the automakers.
Platinum used in autocatalysts to clean car emissions has tumbled alongside deteriorating sales in the auto sector. Spot platinum at $1,148.00 an ounce, up 2.5 percent from its previous close. June palladium jumped $12.65, or 6.0 percent, to $224.40 an ounce, tracking platinums rally. It rose to a high of $229.90 which was the loftiest since November 6. Spot palladium at $220.00 an ounce, up 5.5 percent from its late Tuesday New York quote.