US gold drops below $1,000/oz on dollar rally

Thu Sep 24, 2009 11:00am EDT

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 NEW YORK, Sept 24 (Reuters) - U.S. gold futures slipped
below $1,000 an ounce in choppy trade on Thursday as the dollar
rallied amid risk-aversion sentiment, decreasing the appeal of
gold as a currency hedge.
 For the latest detailed report, click on [GOL/].
 GOLD
 * December gold GCZ9 down $15.90, or 1.6 percent, at
$998.50 an ounce at 10:51 a.m. EDT (1451 GMT) on the COMEX
division of New York Mercantile Exchange.
 * Ranged from $1,021 to $994 -- the lowest price since
Sept. 15.
 * Weaker-than-expected U.S. housing data sparked a flight
to safety, boosting the dollar and U.S. treasury bonds and
weighing down on gold - traders.
 * Options-related selling also pressured December futures.
COMEX October gold and silver options are scheduled to expire
later on Thursday.
 * Given the large open interest of options at the strike
price of $1,000 an ounce, gold should remain close to that
level on Thursday - John Reade, head of precious metals
strategy at UBS.
 * U.S. oil futures dropped nearly $3 to under $67 a barrel,
hurt by a lower equities market. [O/R]
 * Gold-to-oil ratio at 15.02, up from the previous
session's 14.66.
 * COMEX estimated 10 a.m. volume at 104,833 lots.
 * Spot gold XAU= at $1,013.35 versus $1,007.05, which was
the previous session's late New York quote.
 * London afternoon gold fix XAUFIX= was at $1,009.75 an
ounce.
 SILVER
 * December silver SIZ9 down 56.5 cents, or 3.3 percent,
at $16.345 an ounce, tracking gold's decline.
 * Range from $16.265 to $17.045.
 * COMEX estimated 10 a.m. volume at 21,822 lots.
 * Spot silver XAG= was at $16.30 versus its previous
finish of 16.71 an ounce.
 * London silver fix XAGFIX= at $16.76 an ounce.
 PLATINUM
 * October platinum PLV9 down $20.30, or 1.5 percent, at
$1,307.50 an ounce, following general weakness of metals across
the board.
 * Spot platinum XPT= was at $1,300.50 compared with its
previous finish of $1,318.50.
 PALLADIUM
 * December palladium PAZ9 down $2.30 at $295.35 an ounce,
down with platinum.
 * Spot palladium XPD= was at $291 against its previous
close of $292.
Prices at 10:51 a.m. EDT (1451 GMT)
                       Last  Change   Pct      2008   YTD
                                      Chg    Close  % Chg
US gold       GCZ9     998.40  -16.00  -1.6   884.30   12.9
US silver     SIZ9     16.360  -0.550  -3.3   11.295   44.8
US platinum   PLV9    1309.50  -18.30  -1.4   941.50   39.1
US palladium  PAZ9     295.95   -1.70  -0.6   188.70   56.8
Gold          XAU=     996.30  -10.75  -1.1   878.20   13.4
Silver        XAG=      16.31   -0.40  -2.4    11.30   44.3
Platinum      XPT=    1304.00  -14.50  -1.1   924.50   41.0
Palladium     XPD=     291.00   -1.00  -0.3   184.50   57.7
Gold Fix      XAUFIX= 1009.75   -4.25  -0.4   836.50   20.7
Silver Fix    XAGFIX=   16.76  -34.00  -2.0    14.76   13.6
Platinum Fix  XPTFIX= 1325.00    7.00   0.5  1529.00  -13.3
Palladium Fix XPDFIX=  298.00    4.00   1.4   365.00  -18.4
 (Reporting by Frank Tang; Editing by Lisa Shumaker)

























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