US gold futures ended a tad higher on Monday, while silver rose to its highest since March 2008, on strong investment demand as the stock markets rallied on upbeat Chinese factory data and optimism about the new global banking rules. COMEX December gold futures settled up 60 cents at $1,247.10 an ounce on the COMEX division of the NYMEX. Ranged from $1,242.30 to $1,251 per ounce.
On Monday, the gold-to-silver ratio fell to just above 60, the lowest level since January. The gold market largely ignored an agreement among global regulators on bank capital rules, known as Basel III, which requires the sector to raise hundreds of billions of euros.
Gold lost steam as Wall Street trimmed rose 1 percent in late trade. COMEX final gold volume at a light 73,988 lots. Spot gold was at $1,244.50 an ounce by 3:40 pm EDT (1940 GMT), versus the previous session's last trade at $1,245 an ounce. COMEX December silver finished up 30.6 cents, or 1.5 percent, at $20.151 an ounce as economic optimism boosted industrial metals. Ranged from $19.82 to $20.27 an ounce - highest since March 2008. COMEX estimated final volume at 24,270 lots. Spot silver was at $20.01 in late New York dealings, against $19.84 in the previous session. NYMEX October platinum ended up $7.40 at $1,549.90 an ounce. Spot platinum at $1,547.50 an ounce. NYMEX December palladium closed up $9.95, or 1.9 percent, at $529.80 an ounce. Spot palladium at $530 an ounce.