US gold ends up on ETF buying amid safe-haven bids

NEW YORK, May 13 (Reuters) - New York gold futures ended
higher on Wednesday after hitting a six-week high, supported by
buying by gold-backed exchange-traded funds and
alternative-investment demand amid losses on Wall Street,
traders said.

For the latest detailed report, click on [GOL/].

GOLD

* Gold for June delivery GCM9 settled up $2 at $925.90 an
ounce on the COMEX division of the New York Mercantile
Exchange.

* Ranged from $917.80 to $931.40 -- the highest price since
April 2.

* The type of demand seen in the morning sessions suggested
that buying by gold exchange-traded funds supported the market
- Andrew Montano, a director at ScotiaMocatta.

* Market talk among gold traders in Europe also cited ETF
buying for gold's strength.

* Possible unwinding of positions based on gold/silver
ratio boosted gold and added selling pressure to silver -
Montano.

* Gold supported by investment inflow as broad-based S&P
500 index fell over 2 percent as lower U.S. retail sales data
in April dimmed optimism about hopes for a rapid economy -
traders.

* Bullion gained in spite of a dollar rise, and the metal
has recently traded in sync with the equities market -
traders.

* Technical momentum is certainly waning, and it was
difficult for gold to sustain further upside momentum with a
correction towards $920 at the least - Pradeep Unni, trader at
Richcomm Global Services.

* India's gold collection under exchange-traded funds for
April rose by 20.5 percent on year to 4.981 tonnes in April
-fund houses data. [ID:nBOM465061]

* Recent rally in crude oil prices also kept the status of
gold as an inflation hedge intact. U.S. crude futures CLc1,
however, fell about 2 percent despite news of a drop in weekly
inventory. [O/R]

* Gold/oil ratio at 16.05, higher than 15.69 in its
previous session.

* COMEX estimated 1 p.m. EDT (1700 GMT) volume at a heavy
111,638 lots.

* COMEX open interest up 8,694 at 359,517 lots, suggesting
fund buying and higher price volatility - traders.

* Spot gold XAU= traded at $926.20 an ounce at 2:27 p.m.,
up 0.5 percent from its late Tuesday quote in New York.

* London gold fix XAUFIX= $924.00 an ounce.

SILVER

* COMEX July silver SIN9 ended down 19.50 cents, or 1.4
percent, at $14.020 an ounce as weaker stock markets prompted
light profit-taking in industrial metals.

* Ranged from $13.88 to $14.37.

* Global silver fabrication demand in 2008 fell about 1
percent year-on-year to 832.6 million ounces due to a drop-off
in industrial production amid downturn - industry report
compiled by GFMS. [ID:nN12646571]

* Investment buying in silver, in the form of
exchange-traded funds (ETFs) and silver bullion coins, rose
sharply on the back of gold's rally last year - report.

* COMEX estimated 1 p.m. volume at 16,597 lots.

* Spot silver XAG= was at $13.97 an ounce, down 1.6
percent from its previous finish.

* London silver fix XAGFIX= at $14.140 an ounce.

PLATINUM

* NYMEX July platinum PLN9 finished down $8.90 at
$1,123.20 an ounce as gloomy outlook for the auto sector
dampened demand for platinum and palladium as catalytic
converter.

* Spot platinum XPT= at $1,110.00 an ounce, down 1.8
percent from its late Tuesday quote.

PALLADIUM

* June palladium PAM9 closed down $7.70, or 3.3 percent,
at $226.75 an ounce, tracking platinum's weakness

* Spot palladium XPD= was at $220.50 an ounce, down 5.2
percent from its previous finish.
(Reporting by Frank Tang; Editing by Marguerita Choy)