US gold futures slipped early Thursday as some investors unwound their safe-haven play when the dollar strengthened and equity markets firmed following positive earnings news that suggested improved economic prospects, traders said. Commodity and financial markets will be closed Friday for the Good Friday holiday and reopen in New York on Monday.
They will remain closed on Monday for the Easter holiday in London, which also kept trading volumes light and ranges narrow. Gold for June delivery lost $6.50 to $879.40 an ounce on the COMEX division of the New York Mercantile Exchange. Trading band spanned $876.0 to $887.80 an ounce. Mondays low of $865 was last hit on January 23.
Prices remained restricted to a narrow range ahead of the three-day weekend in New York and a four-day Easter holiday in London, said traders. Others, see recent rallies as bear market fluctuations and see danger of further downslides, using gold as a risk haven, said analysts. COMEX estimated 10:00 am EDT gold volume at 32,269 lots. Open interest rose 1,653 to 344,929 lots on April 7.
Spot gold slipped to $878.30/880.30 an ounce by 10:48 am EDT (1448 GMT) from $880.85/882.05 an ounce in late Wednesday trade in New York. London afternoon fix falls to $880.50. COMEX May silver has traded in line with gold. May futures fell 12.0 cents to $12.22 an ounce.
Trading band ran from $12.11 to $12.3550 an ounce. COMEX estimated 10:00 am EDT volume at 5,881 lots. Open interest dropped by 802 lots to 93,101 on Tuesday. Spot silver edged down to $12.22/12.29 an ounce from $12.25/12.31 an ounce by late on Wednesday. Silver fix was set higher in London at $12.30.
NYMEX July platinum jumped $21.40 to $1,208.80 an ounce. Earlier it reached a contract high at $1,220 per ounce. Spot platinum surged to $1,196.50/1,206.50 an ounce from $1,172.50/1,182.50 in late New York trade on Wednesday. June palladium added $0.40 to $236.10 an ounce. Spot palladium was higher at $223.0/238.0 an ounce from $230.50/235.50 an ounce on Wednesday.
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