US gold climbs above $1,000 on dollar's tumble

NEW YORK, Sept 8 (Reuters) - Gold futures ended higher on
Tuesday after breaking above the psychological $1,000 an ounce
mark, as a sharp decline in the dollar and an oil rally boosted
the metal's appeal as a hedge against the depreciating U.S.
currency as well as rising inflation.

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

GOLD

* December gold GCZ9 settled up $3.10 at $999.80 an ounce
on the COMEX division of the New York Mercantile Exchange.

* Ranging from $992.60 to $1,009.70, the highest price
since Feb. 20.

* Earlier in the session, gold futures rose as much as 1
percent as an advance in global stocks and commodities boosted
investors' risk appetite, driving the U.S. dollar to its lowest
level in almost a year.

* Crude oil surged more than $3 to above $71 a barrel on
dollar weakness and optimism about recovering global demand.
Gold is often used as a hedge against inflation.

* Demand from jittery investors to diversify assets into
gold amid shaky equities markets propelled gold's rally -
analysts.

* Gold rallied above $1,000 mainly due to the sliding
dollar, and the rise of gold and oil signaled rising inflation
expectations - Brian Hicks, portfolio manager of U.S. Global
Investors, which manages over $2 billion of fund assets.

* Financial markets are so concerned with inflation
possibilities and dollar weakness that investors are buying
more gold - George Gero, vice president of RBC Capital Markets
Global Futures.

* COMEX estimated final volume at a busy 158,357 lots.

* Gold/oil ratio at 13.98, down from the previous session's
14.61, as oil outperformed gold on Tuesday.

* Spot gold XAU= at $995.80 an ounce at 3:09 p.m. EDT
(2009 GMT), against $993.85 in the previous session in New
York.

* London afternoon gold fix XAUFIX= was at $1,000.75 an
ounce.

SILVER

* December silver SIZ9 finished up 22.5 cents, or 1.4
percent, at $16.510 an ounce, following gold's rally.

* Silver futures recently have outperformed gold, helped by
better economic sentiment. Usually less-liquid silver has the
characteristics of both precious and industrial metals.

* Ranged from $16.165 to $16.860 an ounce -- the highest
level since August 2008.

* COMEX estimated final volume at 31,909 lots.

* Spot silver XAG= at $16.42 an ounce, versus its
previous close of $16.29.

* London silver fix XAGFIX= was at $16.75 an ounce.

PLATINUM

* October platinum PLV9 ended up $30.50, or 2.4 percent,
at $1,289.60 an ounce as gold's rally lifted other precious
metals.

* Recent U.S. auto sales results showed signs of stability.
Platinum group metals are largely used as industrial metals.

* Spot platinum XPT= at $1,285 an ounce against $1,255.

PALLADIUM

* December palladium PAZ9 rose to a contract-high $301 an
ounce earlier in the session. It closed up $2.60 at $298.60 an
ounce, tracking platinum's gains.

* Spot palladium XPD= at $293 an ounce, against its
previous finish of $291.50.

Close Change Pct 2008 YTD

Chg Close Pct Chg
US gold GCZ9 999.80 3.10 0.3 884.30 13.1
US silver SIZ9 16.510 0.225 1.4 11.295 46.2
US platinum PLV9 1289.60 30.50 2.4 941.50 37.0
US palladium PAZ9 298.60 2.60 0.9 188.70 58.2
Prices at 3:09 p.m. EDT (1909 GMT)
Gold XAU= 996.15 2.30 0.2 878.200 13.4
Silver XAG= 16.43 0.14 0.9 11.30 45.4
Platinum XPT= 1285.00 30.00 2.4 924.50 39.0
Palladium XPD= 293.00 1.50 0.5 184.50 58.8
Gold Fix XAUFIX= 1000.75 7.75 0.8 836.50 19.6
Silver Fix XAGFIX= 16.750 0.540 3.3 14.760 13.5
Platinum Fix XPTFIX= 1280.00 0.00 0.0 1529.00 -16.3
Palladium Fix XPDFIX= 296.00 0.00 0.0 365.00 -18.9
(Reporting by Frank Tang; Editing by Walter Bagley)