Gold ends up $1 but Wall Street rally erases gains

NEW YORK (BestGrowthStock) – U.S. gold futures settled $1 higher on Thursday after failing to break above $1,400 an ounce, as safe-haven buying faded after European lenders offered a liquidity safety net for vulnerable banks and as U.S. data showed signs of an improving economy.

* For the latest detailed report, click on (GOL/: ).

GOLD

* COMEX February gold futures settled up $1 at $1,389.30 an ounce on the COMEX division of the NYMEX.

* Ranged between $1,385.10 and $1,399.70 — a three-week high.

* Investors are allocating funds to other markets outside of gold due to the strength in U.S. stocks (Read more about the stock market today. ) after indications of an improving economy – George Gero, precious metals strategist at RBC Capital Markets.

* Wall Street gained on news that jobless benefits hit a new two-year low, pending home sales unexpectedly rose in October, and retailers posted their best sales gains in four years in November.

* Trading was highly volatile due to very thin turnover, as some investors turned their attention to the U.S. equity market, which has rallied for a second straight day.

* COMEX gold futures volume was almost 50 percent below their one-month average, as most U.S. investors have completed rolling over to February contracts from December futures earlier this week.

* Spot gold was down 0.1 percent at $1,386.25 an ounce at 3:31 p.m. EST (2031 GMT).

* London afternoon gold fix at $1,389 an ounce.

SILVER

* COMEX March silver ends up 15.9 cents at $28.572 an ounce, helped by strong retail buying.

* Ranged from $28.330 to $29.080 an ounce.

* COMEX silver volume was more than 30 percent below average at less than 70,000 lots.

* Spot silver rose 0.5 percent to $28.60 an ounce.

* London silver was fixed at $28.50 an ounce.

PLATINUM

* NYMEX January platinum finished up $29.10 or 1.7 percent at $1,713.10 on encouraging jobless benefits and home sales data.

* Spot platinum rose 1.7 percent to $1,711.24 an ounce,.

PALLADIUM

* NYMEX March palladium closed up $31.40 or 4.3 percent at $763.70 an ounce on strong investment demand and supply worries.

* Spot palladium was the biggest gainer among precious metals, up more than 4.3 percent to $763.22.

Prices at 3:32 p.m. EST (2032 GMT)

LAST/ NET PCT YTD

CLOSE CHG CHG CHG US gold 1389.30 1.00 0.1% 26.7% US silver 28.572 0.159 0.0% 69.6% US platinum 1713.10 29.10 1.7% 16.5% US palladium 763.70 31.40 4.3% 86.8%

Gold 1386.39 -0.96 -0.1% 26.5% Silver 28.60 0.16 0.6% 69.8% Platinum 1711.24 28.50 1.7% 16.8% Palladium 763.72 32.23 4.4% 88.3%

Gold Fix 1389.00 -1.00 -0.1% 25.8% Silver Fix 28.50 -24.00 -0.8% 67.7% Platinum Fix 1700.00 10.00 0.6% 16.0% Palladium Fix 741.00 8.00 1.1% 84.3%

Gold ends up $1 but Wall Street rally erases gains