Gold rose on Thursday as the dollar lost more ground against the euro in the wake of US economic data and an amended offer from General Motors to its bondholders, while silver rallied to a fresh 9-month high. Spot gold was bid at $957.55 an ounce at 1422 GMT, against $948.10 an ounce late in New York on Wednesday. US gold futures for June delivery on the COMEX division of the New York Mercantile Exchange rose $4.20 to $957.50 an ounce. Silver hit a high of $15.17 an ounce, its firmest since August 2008, and was later at $15.07 an ounce against $14.72. In India, the world’s biggest bullion buyer, demand was firm despite high prices as the wedding season got underway. During the season, which lasts until June, parents give gold jewellery as a wedding gift for financial security. Among other precious metals, platinum was quoted at $1,127.50 an ounce against $1,131.50 late in New York on Wednesday, while palladium was at $222.50 against $222. Platinum is being pressured by fears over the demand outlook, especially from the ailing car sector, which typically consumes half of the world’s annual output of the white metal. reuters
