US gold futures ended nearly 2 percent up on Wednesday, resuming a record-breaking rally on worries over dollar depreciation after the Federal Reserve signalled it stood ready to pour additional money to stimulate economic growth. COMEX December gold futures settled up $23.80, or 1.8 percent, at $1,370.50 an ounce on the COMEX division of the NYMEX.
Ranged from $1,350 to $1,375.70 per ounce - a record high. Gold benefited from dollar weakness after the Federal Reserve in its latest policy-setting session signalled it will start buying government debt again to stimulate the economy. Gold prices have rallied 25 percent so far this year as investors sought safe havens while the Fed and other central banks profess readiness to inject more money into the financial system.
Estimated gold volume at a busy 172,100 lots, about 28 percent above its 30-day average, preliminary Reuters data showed. Spot gold was trading up 1.6 percent at $1,370.75 an ounce at 1:55 pm EDT (1755 GMT). COMEX December silver ended up 78.50 cents, or 3.4 percent, at $23.932 an ounce on dollar's weakness and strong investment demand. Ranged from $23.275 to $23.975 an ounce. Estimated silver volume at 57,100 lots, about 42 percent above its 30-day average, according to preliminary Reuters data.
Spot silver jumped 2.6 percent to $23.88 an ounce. NYMEX January platinum finished $24.10 higher, or 1.4 percent, at $1,707.40 an ounce as a stock market rally and broad-based commodities gains lifted the autocatalyst metal. Spot platinum climbed 1.6 percent at $1,701.50 an ounce. NYMEX December palladium closed up $13, or 2.2 percent, at $593.65 an ounce, on a weak dollar and as investors continued to pour into one of the top performing commodities this year. Spot palladium rose 2.2 percent to $592.50.