Gold rose on Thursday, breaking ranks with the euro for a second straight day, as a rise in US equity markets on economic optimism sent bullion to a fifth straight day of gains. The metal reversed initial losses that were triggered by a more than 1 percent fall in the euro against the dollar. Gold also managed to rise in strong volume in the face of weaker crude oil and grain prices.
Spot gold gained 0.6 percent to $1,619.59 an ounce by 3:00 pm EST (2000 GMT). US February gold futures settled up $7.40 at $1,620.10 an ounce. Trading volume was strong for a third straight day, about 10 percent above its 30-day average, preliminary Reuters data showed. Analysts said high turnover signalled renewed buying interest after gold fell sharply in thin holiday volume. Silver edged up 0.4 percent to $29.25 an ounce. Platinum slipped 0.6 percent to $1,406.65 an ounce, while palladium dropped 1.8 percent to $634.28 an ounce.
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