Gold bounced back above $1,390 to multi-day peaks early on Thursday afternoon on supportive US data and a collapsing dollar, recovering from lows struck after EU bond auctions earlier today. Platinum advanced to new pre-recession highs as the precious complex topped out.

- Spot gold swung from an intraday low of $1,377.82 per ounce late morning to its loftiest since January 4 at $1,393.27 in volatile trade and was last at $1,392.36/1,393.16, up $5.72. On the charts, having moved through resistance at $1,388, its next targets stand at $1,401-05 and then $1,424.

- The latest US jobs data showed an extra 445,000 applications - the highest jump for six months, above a forecast 405,000 and rising from 406,000 previously. PPI for December grew 1.1 percent on the previous month, above an expected 0.8 percent, which was also the previous month’s reading.

- Following on from the fully subscribed Portuguese bond auction yesterday, Spain and Italy this morning successfully shifted 3 billion euros ($3.95 million) of five-year bonds and 6 billion euros of 5- and 15-year bonds respectively, soothing immediate sovereign debt concerns in the region. This also helped to push the euro higher - the single currency hit its best in more than week at 1.3286 against the dollar following the US numbers and was last at 1.3279, up more than a cent and a half.

- In other precious metals, the platinum group metals (PGMs) continued to surge, boosted by the strong euro and solid risk appetite. Platinum hit its most expensive since July 2008 this afternoon at $1,829, up five percent since Monday’s open - it was last $31.50 higher at $1,826/1,831. Palladium gained $9 to $817.50/822.50, just off a peak of $822.50 - so far it is up 8.3 percent since the start of the week and is at its highest since March 2001. Silver, at $29.72/29.77, reversed earlier losses to trade three cents higher.


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