U.S. gold ends higher, awaits Fed policy statement

NEW YORK, Aug 12 (Reuters) - U.S. gold futures ended higher
Wednesday on an oil rally and the dollar's weakness, ahead of
the monetary policy statement to be released by the Federal
Reserve, which could set the tone for the metal in the near
term.

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

GOLD

* December gold GCZ9 settled up $4.90 at $952.50 an ounce
on the COMEX division of the New York Mercantile Exchange.

* Ranging from $954.40 to $942.10 -- lowest since July 31.

* Oil rose above the $70 per barrel level, boosted by
positive economic sentiment. Wall Street rebounded more than 1
percent. [O/R] [.N]

* A weaker dollar versus the euro also promoted gold's
status as a hedge against the falling U.S. currency.

* Recent gold weakness was due to a lack of fund interest
as investors focused on the equities and fixed-income markets,
but the metal should continue to hold firm at current price
level - Jonathan Jossen, COMEX gold options floor trader.

* Funds, however, should come back into the gold market as
buyers in the near term - Jossen.

* Investors were trading cautiously ahead of the conclusion
of a two-day monetary policy meeting by the U.S. Federal
Reserve later on Wednesday.

* Gold/oil ratio at 13.44, lower than 13.63 from the
previous session

* COMEX estimated 1 p.m. volume at a light 55,159 lots.

* Spot gold XAU= at $949.55 at 1:48 p.m. EDT (1848 GMT),
compared with $944.55 in late New York business on Tuesday.

* London afternoon gold fix XAUFIX= at $947.25 an ounce.

SILVER

* September silver SIU9 ended up 24 cents, or 1.7
percent, at $14.585 an ounce, tracking gold's gains.

* Ranging from $14.125 to $14.605 an ounce.

* COMEX estimated 1 p.m. silver volume at 34,838 lots.

* Spot silver XAG= was at $14.56 an ounce versus $14.27
an ounce in Tuesday's late quote.

* London silver fix XAGFIX= at $14.280 an ounce.

PLATINUM

* October platinum PLV9 finished down 70 cents at
$1,244.40 an ounce on follow-through profit taking on easing
supply worries.

* South Africa's biggest union said on Wednesday it had
suspended a strike set for Thursday at state power firm Eskom
that could have led to power cuts and further damage to
Africa's biggest economy. [ID:nWEA5951]

* Spot platinum XPT= at $1,238.50 versus $1,237.

PALLADIUM

* September palladium PAU9 closed down $1.80 at $273.35
an ounce, tracking platinum's weakness.

* Spot palladium XPD= at $269.50, against its previous
finish of $271.

Close Change Pct 2008 YTD

Chg Close Pct Chg
US gold GCZ9 952.50 4.90 0.5 884.30 7.7
US silver SIU9 14.585 0.240 1.7 11.295 29.1
US platinum PLV9 1244.40 -0.70 -0.1 941.50 32.2
US palladium PAU9 273.35 -1.80 -0.7 188.70 44.9
Prices at 1:48 p.m. EDT (1748 GMT)
Gold XAU= 949.55 5.00 0.5 878.200 8.1
Silver XAG= 14.56 0.29 2.0 11.30 28.8
Platinum XPT= 1238.50 1.50 0.1 924.50 34.0
Palladium XPD= 269.00 -2.00 -0.7 184.50 45.8
Gold Fix XAUFIX= 947.25 4.50 0.5 836.50 13.2
Silver Fix XAGFIX= 14.280 -0.075 -0.5 14.760 -3.3
Platinum Fix XPTFIX= 1247.00 0.00 0.0 1529.00 -18.4
Palladium Fix XPDFIX= 274.00 0.00 0.0 365.00 -24.9
(Reporting by Frank Tang; Editing by Walter Bagley)