US gold ends down, takes breather as dollar bounces

NEW YORK, Oct 9 (Reuters) - U.S. gold futures took a
breather on Friday as a dollar bounce prompted pre-weekend
profit-taking following this week's sharp rally to the previous
session's record high above $1,060 an ounce.

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

GOLD

* Most-active December gold futures GCZ9 settled down
$7.70 at $1,048.60 an ounce on the COMEX division of the New
York Mercantile Exchange.

* Ranged from $1,044.70 to $1,056.70.

* On Thursday, December rose to a record high $1,062.70 an
ounce. The contract has risen about 4 percent this week.

* Gold continued to closely track currency market
movements. The metal is used as a hedge against the dollar
weakness.

* The dollar rose from a 14-month low against a basket of
currencies after Federal Reserve Chairman Ben Bernanke said the
U.S. central bank will be ready to tighten monetary policy as a
recovery takes hold. [USD/]

* Peter Buchanan, commodities analyst at CIBC, has an
"underweight" rating in gold because of an oversold dollar,
lower investor anxiety and lessened inflation worries.

* The dollar has overshot to the downside, with a relief
rally expected in the next two to three quarters - Buchanan.

* Investors in SPDR Gold Trust held steady as of Oct. 8.
The largest gold-backed exchange-traded fund bought nearly 14
tonnes of gold, lifting its holdings 1.3 percent, in the week
so far. It had reported four consecutive day of inflows prior
to Thursday. XAUEXT-NYS-TT [GOL/SPDR]

* India's gold collection under exchange-traded funds rose
by 15.3 percent on year to 6.765 tonnes in September, data from
the funds showed, in a month when the yellow metal neared its
all-time high. [ID:nBOM164717]

* Oil prices rose slightly to just under $72 a barrel.

* Unusually high gold prices relative to oil suggested
downside risk to bullion - Buchanan.

* Gold-to-oil ratio at 14.60, down from the previous
session's 14.68.

* COMEX estimated final volume at 116,064 lots.

* Spot gold was at $1,045.60 an ounce at 2:10 p.m. EDT
(1810 GMT), against its previous finish of $1,054 quoted late
in New York.

* London afternoon gold fix XAUFIX= was at $1,046.75.

SILVER

* December silver SIZ9 ended down 12.5 cents at $17.690
an ounce, down with gold.

* Ranged from $17.555 to $17.835.

* COMEX estimated final volume at 26,106 lots.

* Spot silver XAG= was at $17.61, versus its previous
finish of 17.72 an ounce.

* London silver fix XAGFIX= at $17.63 an ounce.

PLATINUM

* January platinum PLF0 finished down $13.80 at $1,339.40
an ounce as investors took profits after Thursday's gains.

* Spot platinum XPT= was at $1,326.50, compared with its
previous finish of $1,344.50.

PALLADIUM

* December palladium PAZ9 closed up $1.15 at $323.75 an
ounce on strong investment demand.

* Spot palladium XPD= was at $318, against its previous
close of $318.

Close Change Pct 2008 YTD

Chg Close % Chg
US gold GCZ9 1048.60 -7.7 -0.7 884.3 18.6
US silver SIZ9 17.690 -0.125 -0.7 11.295 56.6
US platinum PLF0 1339.40 -13.80 -1.0 941.50 42.3
US palladium PAZ9 323.75 1.15 0.4 188.70 71.6
Prices at 2:10 p.m. EDT (1810 GMT)
Gold XAU= 1045.90 -8.10 -0.8 878.20 19.1
Silver XAG= 17.62 -0.10 -0.6 11.30 55.9
Platinum XPT= 1326.00 -18.50 -1.4 924.50 43.4
Palladium XPD= 318.00 0.000 0.0 184.50 72.4
Gold Fix XAUFIX= 1051.50 4.75 0.5 836.50 25.7
Silver Fix XAGFIX= 17.63 -17.00 -1.0 14.76 19.4
Platinum Fix XPTFIX= 1337.00 2.00 0.1 1529 -12.6
Palladium FixXPDFIX= 323.00 0.00 0.0 365.0 -11.5
(Reporting by Frank Tang; Editing by Marguerita Choy)