US gold futures scaled an all-time high $1,081.70 an ounce on Tuesday, surpassing the previous record set October 14, boosted by technical buying and news of a gold sale by the International Monetary Fund (IMF) to India. December gold up $23.10, or 2.2 percent, at $1,077.10 an ounce at 11:13 am EST (1613 GMT) on the COMEX division of NYMEX. Ranged from $1,055.50 to $1,081.70.
Gold futures buying increased after the IMF sold 200 tonnes of gold to the Reserve Bank of India. News led to expectations that IMF's remaining 203.3 tonnes for sale will be concluded with minimal impact to open market. Gold boosted on the notion that India could buy more from the IMF, and news that gold producers could accelerate hedge buybacks should support, said Heraeus.
Barrick Gold and AngloGold Ashanti said they could accelerate hedgebook cuts. Gold's sudden rally supported by heavy buy-stops at $1,069 to $1,070 - a technical triple top, said a trader. Official sector gold holdings expected to be strong despite sale by the IMF, according to European Central Bank official. COMEX estimated 10 am volume at 131,679 lots.
Gold-to-oil ratio at 13.82, up from 13.57 from the previous session. Spot gold at $1,076.90 an ounce, against $1,059.15 late in New York in the previous session. December silver up 49.50 cents, or 3 percent, at $16.935 an ounce, rising with gold. Ranged from $16.245 to $17.085 - a one-week high.
COMEX estimated 10 am volume at 35,100 lots. Spot silver was at $16.61 versus $16.43 in the previous session in New York. January platinum up $9.90 at $1,348 an ounce, taking the lead from gold. Spot platinum was at $1,340, compared with late previous session quote of $1,334 in New York. December palladium down $4.85, or 1.5 percent, at $321.50 an ounce on profit-taking. Spot palladium was at $321, compared with the previous session's close at $321.50.