US gold futures ended higher Wednesday on an oil rally and the dollar's weakness, ahead of the monetary policy statement to be released by the Federal Reserve, which could set the tone for the metal in the near term. December gold settled up $4.90 at $952.50 an ounce on the COMEX division of the New York Mercantile Exchange. Ranging from $954.40 to $942.10 lowest since July 31.
GOLD: Recent gold weakness was due to a lack of fund interest as investors focused on the equities and fixed-income markets, but the metal should continue to hold firm at current price level - Jonathan Jossen, COMEX gold options floor trader. Funds, however, should come back into the gold market as buyers in the near term - Jossen. Gold-oil ratio at 13.44, lower than 13.63 from the previous session COMEX estimated 1 pm volume at light 55,159 lots. Spot gold at $949.55 at 1:48 pm EDT (1848 GMT) compared with $944.55 in late New York business on Tuesday.
SILVER: September silver ended up 24 cents, or 1.7 percent, at $14.585 an ounce, tracking gold's gains. Ranging from $14.125 to $14.605 an ounce. COMEX estimated 1 pm silver volume at 34,838 lots. Spot silver was at $14.56 an ounce versus $14.27 an ounce in Tuesday's late quote.
PLATINUM: October platinum finished down 70 cents at $1,244.40 an ounce on follow-through profit taking on easing supply worries. South Africa's biggest union said on Wednesday it had suspended a strike set for Thursday at state power firm Eskom that could have led to power cuts and further damage to Africa's biggest economy. Spot platinum at $1,238.50 versus $1,237.
PALLADIUM: September palladium closed down $1.80 at $273.35 an ounce, tracking platinum's weakness. Spot palladium at $269.50, against its previous finish of $271.