New York gold futures rose toward $1,050 an ounce on Thursday, ending 1.6 percent higher as the dollar dropped against the euro and as Wall Street rallied after data showed that the US economy grew for the first time in more than a year. December gold settled up $16.60, or 1.6 percent, at $1,047.10 an ounce on the COMEX division of NYMEX.
Ranged from $1,048.40 to $1,026.90 - a three-week low. December scaled a record high $1,072 on October 14. Gold extends early gains after news that US economy grew at 3.5 percent annual rate in Q3. Gold-to-oil ratio at 13.06, down from 13.30 from the previous session. COMEX estimated 1 pm volume at 116,703 lots. Spot gold at $1,046.80 an ounce at 1:34 pm EDT (1734 GMT), against $1,026.85 late in New York in the previous session.
December silver ends up 41.5 cents, or 2.6 percent, at $16.655 an ounce, up with gold. Ranged from $16.12 to $16.71. COMEX estimated 1 pm volume at 38,595 lots. Spot silver was at $16.62 versus the $16.09 ounce level seen late in the previous session in New York. January platinum finishes up $31.30, or 2.4 percent, at $1,338.20 an ounce on economic optimism.
Spot platinum was at $1,332, compared with late previous session quote of $1,303.50 in New York. December palladium closes up $10.90, or 3.4 percent, at $328.30 an ounce, tracking platinum. Spot palladium was at $324.50, compared with the previous session's close at $313.50.