US gold futures ended higher on Tuesday as strong Asian physical demand and a weaker dollar helped the metal retrace some of this month's losses. COMEX February gold futures settles up $7.70 at $1,368.2 an ounce on the COMEX division of the NYMEX. Ranged from $1,356.80 to $1,376 an ounce.
Bullion has fallen more than 3 percent in January, on track for its biggest monthly decline since July. Gold rose 30 percent in 2010, but demand for safe-haven assets has waned this month on an outlook for a more robust global economy. COMEX gold futures volume at 180,000 lots, 13 percent above its 30-day average, according to preliminary Reuters data.
Spot gold rose 0.2 percent to $1,365.69 an ounce by 3:04 pm EST (2004 GMT) COMEX March silver ends up 59.2 cents, or 2.1 percent, at $28.912 an ounce on gold's coattails. Ranged from $28.05 to $29.08. COMEX estimated silver futures volume totalled less than 60,000 lots, 5 percent lower than its 30-day average, preliminary Reuters data showed. Spot silver climbed 2 percent to $28.81 an ounce.
NYMEX April platinum finishes up $12.30 at $1,828.3 an ounce on recent better economic outlook. Spot platinum rose 1.2 percent at $1,821.24 an ounce NYMEX March palladium closes up $19.95, or 2.5 percent, at $810.45 an ounce, tracking platinum. Spot palladium gained 2.5 percent to $810.22 an ounce.