Gold futures turned higher in choppy trade early on Friday, reclaiming the $1,000-an-ounce level after the dollar fell in response to US employers cutting more jobs than expected in September. December gold futures up $6.10 at $1,006.80 an ounce at 10:29 am EDT (1429 GMT) on the COMEX division of the New York Mercantile Exchange.
Ranged from $987 to $1,008.50. Gold futures closely tracking currency market movements. The dollar dropped against major currencies after an anemic September jobs data fuelled fears that the pace of US economic recovery would be slow. Recent buyers at over $1,000 an ounce could make the gold futures market too long, and the December contract must overcome strong upward resistance at $1,025 an ounce, said George Gero, vice president of RBC Capital Markets Global Futures.
The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings stood at 1,095.327 tonnes as of October 1. As of September 30, it was up 1.22 tonnes from the previous business day. Gold-to-oil ratio at 14.34, up from the previous session's 14.17. COMEX estimated 10 am volume at 96,361 lots. Spot gold was at $1,006.70 versus $998.50, which was the previous session's late New York quote. December silver down 11 cents at $16.33 an ounce, down with other industrial metals. Ranged from $15.920 to $16.495. COMEX estimated 10 am volume at 20,384 lots. Spot silver was at $16.41, versus its previous finish of 16.32 an ounce.
January platinum down $4 at $1,285.30 an ounce, weighed down by sharply weaker US auto sales in September after the conclusion of the brief "Cash for Clunkers" rebate programme. Spot platinum was at $1,275, compared with its previous finish of $1,277.50. December palladium up $4.25, or 1.5 percent, at $297.20 an ounce as investors looked for bargains after recent losses. Spot palladium was at $292.50, against its previous close of $287.50.