US gold futures turned to settle moderately lower on Wednesday, following the euro and US equity markets down after the Federal Reserve issued a report saying it should be ready to take additional measures to combat a softening economy, if necessary, traders said.
August gold futures finished $6.50 lower at $1,207 an ounce on the COMEX metals division of the New York Mercantile Exchange. Range extended from $1,202.50 to $1,218.20 an ounce, just short of the near two-week high hit a day earlier. COMEX estimated final gold volume at 104,374 lots. Spot gold pared earlier gains to a high at $1,217.85 an ounce to trade at $1,209.05 by 2:42 am (1842 GMT), down from the previous session's late quote at $1,210.65 an ounce.
September silver finished up 3.30 cents at $18.29 an ounce. Range spanned $18.1150 to $18.49 an ounce. COMEX estimated final volume at 24,054 lots. Spot silver rose to $18.29 an ounce by 2:54 pm EDT (1854 GMT) from $18.20 late in the previous session.
October platinum closed down $14.80 at $1,520.60 an ounce. Spot platinum was lower, at $1,521 an ounce, than the previous late bid at $1,524.50 an ounce. September palladium lost $3.35 to end at $465.80 an ounce. Spot palladium at $463.50 per ounce was barely up from $46 late in the previous session.