The precious metal neared US$1,750 an ounce on the spot market but has since risen slightly to $1,762/oz.
Nickel rose 0.4% on the London Metal Exchange amid reports the ongoing strike at Vale's Sudbury operations in Ontario is straining battery-grade nickel supply.
The strike action over a wage offer began on June 1.
Sumitomo Metal Mining yesterday reportedly narrowed its forecast nickel surplus and said it saw demand for nickel used in batteries rising 18% in 2021, thanks to EV sales growth in China.
Futures were mainly higher after the S&P 500 finished up slightly to yet another record closing high of 4,292.84.
Precious metals producer Fresnillo lost 1.8% in London and Newmont was off 0.1% in New York.
Vale was unchanged in Brazil and BHP was up more than 2% in morning Australian trade.
