US gold futures hit a five-week high on Monday, gaining 1.5 percent as a dollar drop and strong commodity imports in China spurred investor buying in bullion. Gold for February delivery up $16.10, or 1.4 percent, at $1,155 an ounce at 9:24 am EST (1424 GMT) on the COMEX division of the New York Mercantile Exchange.
Range from $1,139 to $1,163. Bullion market sentiment improved as dollar declined against the euro based on low US interest rate expectations. Last week, bullion ended the first week of the year higher, ending a five-week losing streak that started in the last week of November.
Stronger-than-expected Chinese economic data sparked decent buying in gold futures, said Jonathan Jossen, COMEX gold floor trader. China reported its imports surged 55.9 percent in December. Bullion expected to catch up with the strong precious and base metals after underperforming the complex, added Jossen. Gold/oil ratio at 13.86 against previous session's 13.73.
COMEX estimated 9 am volume at 78,606 lots. Spot gold at $1,156.10 an ounce, against the previous session's late quote of $1,137.90. March silver up 29 cents, or 1.6 percent, at $18.760 an ounce, tagging gold's gains. Range from $18.495 to $18.925 - a five-week high. COMEX estimated 9 am volume at 12,511 lots. Spot silver at $18.71 an ounce, versus the previous session's late quote at $18.44 an ounce.
NYMEX April platinum up $20.40, or 1.3 percent, at $1,591.60 an ounce on strong investor demand due to Friday's launch of exchange-traded funds. ETF Securities Ltd's first US platinum and palladium ETFs started trading on Friday with strong volume. Spot platinum was at $1,583.50 an ounce. March palladium up $3.35 at $428.50 an ounce on investment demand. Spot palladium was at $425 an ounce.