US gold rises to fresh record high on weak dollar

NEW YORK, Oct 13 (Reuters) - U.S. gold futures rose in
choppy trade on Tuesday after setting a fresh record high
earlier in the session, as a weaker U.S. currency prompted
investors to hedge against depreciation of dollar-denominated
assets.

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

GOLD

* Most-active December gold futures GCZ9 up $2.20 at
$1,059.70 an ounce at 10:37 a.m. EDT (1437 GMT) on the COMEX
division of the New York Mercantile Exchange.

* Ranged from $1,052.20 to $1,069.70 -- surpassing the
previous all-time high of $1,062.70 set on Oct. 8.

* December futures initially rose toward $1,070 an ounce,
but early gains were erased as the dollar trimmed losses.

* The U.S. dollar hit a 14-month low as investors refocused
on the outlook for U.S. interest rates and whether the U.S.
government really wants a strong currency. [USD/]

* Gold is currently used as a hedge against weakening
currency rather than an inflation hedge, as investors fretted
over currency devaluation by central banks worldwide -
analysts.

* Gold market continued to be vulnerable to pullbacks due
to oversold conditions - traders.

* Open interest in COMEX gold futures market at above
500,000 lots. It jumped 2,326 lots to 502,513 lots as of Oct.
9. <NYMMTLFUT/VOI>

* Oil prices rose slightly, trading at just under $74 a
barrel on confidence about an economic recovery.

* Gold-to-oil ratio at 14.34, down from the previous
session's 14.41.

* COMEX estimated 10 a.m. volume at 82,342 lots.

* Spot gold was at $1,058.10 an ounce, against its previous
finish of $1,055.25 quoted late in New York.

* London afternoon gold fix XAUFIX= was at $1,057.50.

SILVER

* December silver SIZ9 down 8.5 cents at $17.735 an
ounce, as investors took profits after rallies.

* Ranged from $17.565 to $18.075.

* COMEX estimated 10 a.m. volume at 18,031 lots.

* Spot silver XAG= was at $17.64, versus its previous
finish of $17.68 an ounce.

* London silver fix XAGFIX= at $17.99 an ounce.

PLATINUM

* January platinum PLF0 up $12.60 at $1,359.90 an ounce
on broad-based metals strength.

* Spot platinum XPT= was at $1,345.50, compared with its
previous finish of $1,336.50.

PALLADIUM

* December palladium PAZ9 up $2.25 at $332.05 an ounce on
strong demand from the investment sector.

* Spot palladium XPD= was at $325.50, unchanged from its
previous session close.
Prices at 10:40 a.m. EDT (1440 GMT)

Last Change Pct 2008 YTD

Chg Close % Chg
US gold GCZ9 1059.50 2.00 0.2 884.30 19.8
US silver SIZ9 17.640 -0.180 -1.0 11.295 56.2
US platinum PLF0 1359.50 12.20 0.9 941.50 44.4
US palladium PAZ9 331.50 1.70 0.5 188.70 75.7
Gold XAU= 1058.10 2.85 0.3 878.20 20.5
Silver XAG= 17.53 -0.15 -0.8 11.30 55.1
Platinum XPT= 1272.00 -1.50 -0.1 924.50 37.6
Palladium XPD= 327.50 2.00 0.6 184.50 77.5
Gold Fix XAUFIX= 1057.50 -7.00 -0.7 836.50 26.4
Silver Fix XAGFIX= 17.99 10.00 0.6 14.76 21.9
Platinum Fix XPTFIX= 1356.00 1.00 0.1 1529.00 -11.3
Palladium Fix XPDFIX= 331.00 4.00 1.2 365.00 -9.3
(Reporting by Frank Tang; Editing by Lisa Shumaker)