Gold futures ended higher after a choppy session 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 settled up $3.60 at $1,004.30 an ounce on the COMEX division of the New York Mercantile Exchange.
GOLD: Ranged from $987 to $1,008.80. Gold futures closely tracked 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.
Metals investors are focusing on the trends in the dollar, which is being used as a gauge for risk appetite, but the dollar's upside is fairly limited, and that will in turn keep the metals markets supported - Tom Pawlicki, precious metals and energy analyst at MF Global. Gold initially fell as the dollar rose versus the euro earlier in the session after the release of the jobs data triggered a flight-to-safety trade.
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 - 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 14.40, up from the previous session's 14.17. COMEX estimated final volume at 135,593 lots. Spot gold was at $1,004.30 an ounce at 2:24 pm EDT (1824 GMT) versus $998.50, which was the previous session's late New York quote. London afternoon gold fix was at $1,003.50.
SILVER: December silver ended down 21 cents, or 1.3 percent, at $16.23 an ounce, down with other industrial metals. Ranged from $15.920 to $16.495. COMEX estimated final volume at 32,943 lots. Spot silver was at $16.15, versus its previous finish of 16.32 an ounce. London silver fix at $16.21 an ounce.
PLATINUM: January platinum finished down $5.90 at $1,283.40 an ounce, weighed down by sharply weaker US auto sales in September after the conclusion of the brief "Cash for Clunkers" rebate program. Spot platinum was at $1,276, compared with its previous finish of $1,277.50.
PALLADIUM: December palladium closed up $5.25, or 1.8 percent, at $298.20 an ounce as investors looked for bargains after recent losses. Spot palladium was at $294.50, against its previous close of $287.50.