US gold cuts gains to end flat, strong dlr weighs

NEW YORK, June 10 (Reuters) - U.S. gold futures erased
initial gains to finish unchanged on Wednesday, as a dollar
bounce and signs of lagging physical jewelry demand prompted
investors to take profits.

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

GOLD

* August GCQ9 settled unchanged at $954.70 an ounce on
the COMEX division of the New York Mercantile Exchange.

* Ranged from $947.50 to $966.70.

* Initial gold rally fizzled as the dollar turned higher
against the euro. Currency traders took profits as the euro
rose above $1.41 earlier in the session.

* Gold is on a downward trend after peaking at $990 last
week, and could head lower especially if the dollar continues
to strengthen - Carlos Sanchez, precious metals analyst at CPM
Group.

* The gold and currency markets largely ignored news that a
senior Russian Central Bank official said it would cut the
share of U.S. Treasuries in its $400-billion reserves.
[ID:nLA1052951]

* The price-sensitive physical market in top gold consumer
India is becoming much thinner at higher prices - Sanchez.

* India imported 17.8 tonnes of gold in May, down 39
percent from a year ago - Bombay Bullion Association.
[ID:nBOM132429]

* The rate at which gold miners cut their hedging positions
slowed in the first quarter of 2009 to 110,000 ounces, the
lowest level of net de-hedging seen since 2003 - metals
consultancy GFMS. [ID:nLA8195]

* COMEX estimated 1 p.m. volume at 97,842 lots.

* COMEX gold open interest down 7,719 at 387,181 lots as of
June 9.

* Gold/oil ratio at 13.40, lower than the 13.67 of the
previous session.

* Spot gold XAU= traded at 952.10 at 2:18 p.m. EDT (1818
GMT), down 0.1 percent from its previous session.

* London gold fix XAUFIX= at $953.75 an ounce.

SILVER

* July SIN9 finished up 8.5 cents at $15.225 an ounce on
light buying as the market looked for a definitive direction.

* Ranged from $15.025 to $15.500.

* COMEX estimated 1 p.m. volume at 30,950 lots.

* Spot silver XAG= was at $15.11 an ounce, down 0.7
percent from its previous finish.

* London silver fix XAGFIX= at $15.390 an ounce.

PLATINUM

* July PLN9 ended up $15.30, or 1.2 percent, at $1,273.20
an ounce, on pent-up buying after recent losses due to
uncertain auto sector demand.

* The global car industry accounts for 60 percent of total
platinum demand for use in automobile catalytic converters.

* Spot platinum XPT= at $1,261 an ounce, up 1.1 percent
from its previous session.

PALLADIUM

* September PAU9 closed up $1.70 at $258.75 an ounce,
following platinum's rise.

* Spot palladium XPD= was at $254.50 an ounce, up 0.8
percent from its previous finish.

Close Change Pct 2008 YTD

Chg Close Pct Chg
US gold GCQ9 954.70 0.00 0.0 884.30 8.0
US silver SIN9 15.225 0.085 0.6 11.295 34.8
US platinum PLN9 1273.20 15.30 1.2 941.50 35.2
US palladium PAU9 258.75 1.70 0.7 188.70 37.1
Prices at 2:18 p.m. EDT (1818 GMT)
Gold XAU= 952.10 -1.65 -0.2 878.200 8.4
Silver XAG= 15.11 -0.10 -0.7 11.30 33.7
Platinum XPT= 1261.00 14.00 1.1 924.50 36.4
Palladium XPD= 254.50 2.00 0.8 184.50 37.9
Gold Fix XAUFIX= 953.75 -2.25 -0.2 836.50 14.0
Silver Fix XAGFIX= 15.390 0.460 3.1 14.760 4.3
Platinum Fix XPTFIX= 1267.00 0.00 0.0 1529.00 -17.1
Palladium Fix XPDFIX= 261.50 0.00 0.0 365.00 -28.4
-------------------------------------------------------------
Prices in dollars per ounce.
2008 close for U.S. gold second contract month, U.S. silver and
palladium third contract months and U.S. platinum fourth
contract month.
(Reporting by Frank Tang; Editing by Christian Wiessner)