US gold rises toward $1,050 on economic optimism


NEW YORK, Oct 29 (Reuters) - New York gold futures rose toward $1,050
an ounce on Thursday, ending 1.6 percent higher as the dollar dropped
against the euro and as Wall Street rallied after data showed that the U.S.
economy grew for the first time in more than a year.


* December gold settled up $16.60, or 1.6 percent, at $1,047.10
an ounce on the COMEX division of NYMEX.

* Ranged from $1,048.40 to $1,026.90 -- a three-week low. December
scaled a record high $1,072 on Oct. 14.

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SILVER

* December silver ends up 41.5 cents, or 2.6 percent, at $16.655
an ounce, up with gold.

* Ranged from $16.12 to $16.71.

* COMEX estimated 1 p.m. volume at 38,595 lots.

* Spot silver was at $16.62 versus the $16.09 ounce level seen
late in the previous session in New York.

* London silver fix at $16.33.

PLATINUM

* January platinum finishes up $31.30, or 2.4 percent, at
$1,338.20 an ounce on economic optimism.

* Spot platinum was at $1,332, compared with late previous
session quote of $1,303.50 in New York.

PALLADIUM

* December palladium closes up $10.90, or 3.4 percent, at
$328.30 an ounce, tracking platinum.

* Spot palladium was at $324.50, compared with the previous
session's close at $313.50.

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Copper surges as U.S. growth resumes


New York, London - Copper rallied into the close on Thursday, after U.S. government data showing the economy grew in the third quarter for the first time in more than a year dented safe-haven dollar demand and improved the metal's prospects.

Copper for December delivery on the New York Mercantile Exchange's Comex division surged 9.90 cents (U.S.), or 3.4 per cent, to settle at $3.0295 a pound, near the upper end of its session range of $2.9180 to $3.0395.

On the London Metal Exchange, copper for three-month delivery settled up $234.50 at $6,664.50 a tonne. Earlier, the metal used in power and construction hit a session high of $6,675, up nearly 4 per cent on the day.

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In other metals.

Lead was last bid at $2,365 a tonne from $2,231. Earlier, it shot up nearly 7 per cent to $2,380, as it caught up with broader gains in the complex after five straight days of losses.



Nickel, steel-making ingredient finished at $18,690 from $17,800, having risen more than 5 per cent to $18,750.

Zinc , used to galvanize steel, was last bid at $2,265 from $2,190.


Aluminum ended at $1,955 against $1,912, while tin finished at $15,000 from $14,650.

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Oil moves higher on U.S. GDP rebound

Oil prices rose sharply Thursday on new signs that the U.S. economy has rebounded, though crude levels globally continue to grow and there are few signs that actual demand for it has increased significantly.

The U.S. dollar fell once again, a factor throughout the year as crude hovers around $80 (U.S.) per barrel and a big reason why U.S. motorists have watched gasoline prices rise steadily for more than two weeks.

The average retail price for a gallon of gasoline in the United States is now less than a penny below highs reached during the U.S. driving season.
Benchmark crude for December delivery rose $2.41 to settle at $79.87 a barrel on the New York Mercantile Exchange.

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Gold & PGM Prices

Oct 30 2009 7:53AM NY Time dd Change Gold 1042.70 -0.30% Platinum 1322.00 -1.27% Palladium 324.00 -0.61% Rhodium 1800.00 +0.00%