US gold futures lost ground when the dollar firmed early on Monday, but mostly held above $1,000 an ounce, traders said. December gold was down $3.60 at $1,002.80 an ounce on the COMEX division of the New York Mercantile Exchange. The range seesawed around $1,000, trading from $994.40 to $1,010.80.
On Friday, December gold ran up to its highest level since February 20 at $1,013.40 an ounce. Heavy volume and expanding open interest for COMEX gold points to strong investment demand from funds, said analysts. COMEX estimated 10 am volume at 70,485 lots. Spot gold was lower at $999.70 an ounce than $1,005.70 an ounce in late Friday trade in New York. London afternoon gold was fixed at $999.25 an ounce. December silver fell 10 cents to $16.60 an ounce, following gold lower.
Range was lower between $16.32 to $16.8450 an ounce. COMEX estimated 10 am volume at 13,880 lots. Spot silver at $16.77 an ounce, versus $16.77 in late Friday trade. London silver was fixed sharply lower at $16.35 an ounce. October platinum was down $1.70 at $1,319.0 an ounce, falling with gold. Spot platinum slipped to $1,311 an ounce against $1,316. December palladium rose $1.50 to $296 an ounce. Spot palladium was quoted at $292 an ounce, against its previous finish of $290.