September 2, 2009 / 3:29 PM / 8 years ago

NY gold above $975, highest since June on weak dlr

 NEW YORK, Sept 2 (Reuters) - U.S. gold futures rallied
above $975 an ounce on Wednesday, gaining 2 percent on a
combination of dollar weakness, technical buying and
follow-through support related to a declining equities market.
 For the latest detailed report, click on [GOL/].
 GOLD
 * December gold GCZ9 up $18.70, or 2 percent, at $975.20
an ounce at 11:13 a.m EDT (1513 GMT) on the COMEX division of
the New York Mercantile Exchange.
 * Ranging from $952.50 to $976.80 -- the highest price
since June 5.
 * Fresh investment demand and inflow because of Wall Street
weakness supported gold, as prices surged above pivotal
resistance levels - New York precious metals broker.
 * On Monday, the U.S. stock market's weakness helped gold,
as the S&P 500 index lost more than 2 percent on worries about
financial companies.
 * COMEX estimated 10 a.m. volume at 65,156 lots.
 * Crude futures roses slightly but traded below $70 per
barrel after U.S. weekly government inventory data. Investors
view crude oil as a barometer of economic growth.
 * Gold/oil ratio at 14.22, up from the previous session's
13.45.
 * Spot gold XAU= at $972.90 an ounce, against $955.85 in
late Tuesday dealings in New York.
 * London afternoon gold fix XAUFIX= was at $964.75 an
ounce.
 SILVER
 * December silver SIZ9 up 11.5 cents at $15.175 an ounce,
following gold's rally.
 * Silver futures have recently outperformed gold, helped by
better economic sentiment. Usually less-liquid silver has the
characteristics of both precious and industrial metals.
 * Ranged from $14.865 to $15.240 an ounce -- the highest
level since June 12.
 * COMEX estimated 10 a.m. volume at 13,214 lots.
 * Spot silver XAG= at $15.16 an ounce, versus its
previous close of $15.04.
 * London silver fix XAGFIX= was at $14.91 an ounce.
 PLATINUM
 * October platinum PLV9 down $2 at $1,224.80 an ounce,
even as U.S. auto sales released on Monday showed signs of
stability.
 * Uncertain supply due to labor actions in top platinum
producer South Africa provided underlying support.
 * Spot platinum XPT= at $1,218.50 an ounce against
$1,224.50.
 PALLADIUM
 * December palladium PAZ9 down $1.70 at $287.75 an ounce,
tracking platinum's decline.
 * Spot palladium XPD= at $283 an ounce, against its
previous finish of $287.
Prices at 11:13 a.m. EDT (1513 GMT)
                       Last  Change   Pct      2008   YTD
                                      Chg    Close  % Chg
US gold       GCZ9     975.20   18.70   2.0   884.30   10.3
US silver     SIZ9     15.170   0.110   0.7   11.295   34.3
US platinum   PLV9    1224.20   -2.60  -0.2   941.50   30.0
US palladium  PAZ9     287.00   -2.45  -0.9   188.70   52.1
Gold          XAU=     973.70   17.85   1.9  878.200   10.9
Silver        XAG=      15.14    0.10   0.7    11.30   34.0
Platinum      XPT=    1218.50   -6.00  -0.5   924.50   31.8
Palladium     XPD=     283.00   -4.00  -1.4   184.50   53.4
Gold Fix      XAUFIX=  964.75    9.75   1.0   836.50   15.3
Silver Fix    XAGFIX=  14.910   0.170   1.2   14.760    1.0
Platinum Fix  XPTFIX= 1234.00    0.00   0.0  1529.00  -19.3
Palladium Fix XPDFIX=  289.00    0.00   0.0   365.00  -20.8
 (Reporting by Frank Tang)

























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