New York gold futures ended slightly lower Friday on technical selling, and a new US silver trust should continue to stir investment demand in precious metals. August settled down $1.70 at $953.10 an ounce on the COMEX division of the New York Mercantile Exchange. Traded between $946.60 and $954.40.
GOLD: Pre-weekend position-squaring weighed down on gold, after bullion closed higher on a sharp Wall Street rally amid economic optimism in the previous session. Hopes of economic recovery still underpin gold rally. Earlier this year, gold prices were pressured by deflation fears amid a possible prolonged global recession - traders.
Further gains of gold futures capped by band of heavy technical resistance above $955 an ounce - analysts. COMEX estimated final volume at a quiet 93,951 lots. Gold-oil ratio 14.02, against 14.12 in the previous session. Spot gold traded at $951.05 at 2:51 pm EDT (1851 GMT) against $947.15 in its previous session finish.
SILVER: September finished up 10.5 cents at $13.875 an ounce as a new US silver ETP boosted investor interest. Ranged from $13.655 to $13.890. ETFS Silver Trust is expected to hold assets of more than $1 billion over the next six to 12 months, said William Rhind, head of sales and marketing for the company's US division. The US silver trust has created a buzz in the precious metals sector because ETF Securities had also in April filed to launch the first-ever US platinum exchange-traded fund, which could be a boost to the price of platinum if it clears regulatory hurdle. COMEX estimated final volume at 12,887 lots. Spot silver $13.84 compared with its prior close of $13.70.
PLATINUM: October ended up $3.40 at $1,191.40 an ounce as the market focused on better platinum autocatalyst demand on hopes that the auto production would rebound. Spot platinum at $1,185 against its $1,174 previous session's close.
PALLADIUM: September closed up $1.25 at $261.45 an ounce, tracking platinum's gains. Spot palladium was at $257.50 compared with $255.50 in its previous finish.
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