US gold futures regained lost ground late on Tuesday, as worries over further downgrades to some European countries' embattled debt boosted the precious metal's desirability as a safe-haven asset, though pre-holiday conditions kept prices in a tight range.
COMEX February gold futures closed $2.70 higher, a small 0.19 percent gain, to $1,388.80 an ounce on the COMEX division of the NYMEX. Higher, though narrow, range spanned $1,381.40 to $1,393.0 an ounce. Supportive to gold were fears the debt crisis that has engulfed Greece and Ireland could also put Portugal and Spain under more pressure early next year - analysts.
Some investors sought additional stores of the safe-haven asset, pushing gold into positive territory, after the Fitch Ratings agency said it could cut Greece's foreign currency rating to junk in the New York afternoon. China's Vice Premier Wang Qishan said Beijing, which has invested an undisclosed amount of its $2.65 trillion reserves in the euro, played its part to ease Europe's plight.
COMEX gold volume has been thinning as the days progress towards the holidays, ending at 77,427 lots, down from Monday's light tally of 107,195 lots. Spot gold was bid at $1,387.26 an ounce by 2:58 EST (1958 GMT) against Monday's closing bid at $1,384.90 per ounce in New York. COMEX March silver added 3.90 cents, to settle at $29.3940 an ounce. Range ran from $29.05 to $29.6050 an ounce.
COMEX estimated silver futures volume also at a light count of 41,538 lots, off 51,427 at Monday's finish. Spot silver was edged down to $29.30 an ounce in late New York trade, against $29.33 on Monday. NYMEX January platinum finished with $11.20, or 0.65 percent, gains at $1,721.90 an ounce. Spot platinum advanced to $1,718.99 an ounce from $1,692.0 per ounce previously. NYMEX March palladium jumped $8.30, or 1.11 percent, to close at $753.05 an ounce. Spot palladium was higher at $750.72 an ounce from $748.22 on Monday.
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