US gold futures fell on Wednesday as a dollar rally and strong US private-sector employment data dented safe-haven buying, but bullion closed well off lows from earlier in the session as other commodities rebounded. Benchmark COMEX February gold futures settles down $5.10 at $1,373.70 an ounce on the COMEX division of the NYMEX. Ranged from $1,364 to $1,385.20 an ounce.
US data showed a surprise jump in US private-sector jobs last month. This boosted the dollar, making dollar-denominated commodities more expensive.
COMEX gold volume at nearly 200,000 lots, 15 percent above its 30-day average, according to preliminary Reuters data.
Spot gold slipped 0.4 percent to $1,373.65.
COMEX March silver ended down 31 cents or 1.1 percent at $29.198 an ounce on gold's losses. Silver dropped more than gold as the white metal has outperformed gold in recent months. Ranged between $28.580 and $29.905
COMEX estimated silver futures volume at 80,000 lots, 16 percent higher than its 30-day average - preliminary Reuters data.
Spot silver fell 1.7 percent to $29.26.
NYMEX April platinum finished down $13.3 at 1,734.10 an ounce on broad metal weakness despite improved US auto sales.
US auto sales rose to the highest rate in 16 months in December, and major automakers forecast the recovery would gather momentum in 2011 as the industry distances itself from one of its deepest slumps ever. Spot platinum dropped 1.7 percent to $1,722.74 an ounce.
NYMEX March palladium closed up $6.25 at $775.30 an ounce after recent losses. Spot palladium dropped 0.7 percent to $769.72 an ounce.
Comments
Comments are closed for this article.