US gold edges down as oil drops, inflation eases

NEW YORK, June 17 (Reuters) - Gold futures dropped slightly on
Wednesday as crude oil dropped and the dollar regained some strength, and
lower-than-expected U.S. consumer prices dampened bullion's appeal as a
hedge against inflation.

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

GOLD

* August GCQ9 off 30 cents at $931.90 an ounce at 10:54 a.m. EDT
(1454 GMT) on the COMEX division of the New York Mercantile Exchange.

* Ranged from $928.40 to $938.90.

* Gold was pressured after crude oil slipped below $70 per barrel as a
weekly government report showed a surprise build of gasoline stockpiles.

* U.S. consumer prices edged up in May, but fell over the past 12
months by the most since 1950, in a sign that inflation was no threat for
now, taking a toll on buying sentiment in gold. [ID:nN17329915]

* The U.S. dollar remained the story for gold, but the magnitude of the
dollar's changes is not enough to led to any major move in the metal -
Miguel Perez-Santalla, vice president of sales at Heraeus Precious Metals
Management.

* The dollar weakened slightly against the euro, lifting gold earlier
in the session - traders.

* COMEX estimated 10 a.m. volume at 44,868 lots.

* Gold/oil ratio up at 13.40, against the 13.21 of the previous
session.

* Spot gold XAU= traded at $931.20, down 0.3 percent from its
previous session.

* London gold fix XAUFIX= at $930.50 an ounce.

SILVER

* July SIN9 down 1.5 cent at $14.145 an ounce in quiet trade,
tracking gold's weakness.

* Ranged from $13.930 to $14.285.

* COMEX estimated 10 a.m. volume at 25,076 lots.

* Spot silver XAG= was at $14.14 an ounce, up 0.2 percent from its
previous finish.

* London silver fix XAGFIX= at $14.02 an ounce.

PLATINUM

* July PLN9 down $17.90, or 1.5 percent, at $1,203 an ounce, taking
the lead from weaker crude oil.

* Spot platinum XPT= at $1,199 an ounce, down 1.3 percent from its
previous session.

PALLADIUM

* September PAU9 down $2.80, or 1.2 percent, at $240 an ounce,
following platinum's losses.

* Spot palladium XPD= was at $237 an ounce, down 1.3 percent from its
previous finish.
Prices at 10:54 a.m. EDT (1454 GMT)

Last Change Pct 2008 YTD

Chg Close % Chg
US gold GCQ9 931.90 -0.30 0.0 884.30 5.4
US silver SIN9 14.145 0.015 0.1 11.295 25.2
US platinum PLN9 1203.00 -17.90 -1.5 941.50 27.8
US palladium PAU9 240.00 -2.80 -1.2 188.70 27.2
Gold XAU= 931.20 -2.90 -0.3 878.200 6.0
Silver XAG= 14.14 -0.03 -0.2 11.30 25.1
Platinum XPT= 1199.00 -16.00 -1.3 924.50 29.7
Palladium XPD= 237.00 -3.00 -1.3 184.50 28.5
Gold Fix XAUFIX= 930.50 -3.50 -0.4 836.50 11.2
Silver Fix XAGFIX= 14.020 -0.280 -2.0 14.760 -5.0
Platinum Fix XPTFIX= 1227.00 0.00 0.0 1529.00 -19.8
Palladium Fix XPDFIX= 245.00 0.00 0.0 365.00 -32.9
-------------------------------------------------------------
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 John Picinich)