August 21, 2009 / 2:15 PM / 10 years ago

US gold rallies toward $960/oz as dollar weakens

 NEW YORK, Aug 21 (Reuters) - Gold futures rose toward $960
an ounce on Friday, gaining more than 1 percent as the dollar
extended losses against the euro, boosting the metal's appeal
as a hedge against the falling U.S. currency.
 For the latest detailed report, click on [GOL/].
 GOLD
 * December gold GCZ9 up $12.70, or 1.3 percent, at
$954.40 an ounce at 9:46 a.m. EDT (1346 GMT) on the COMEX
division of the New York Mercantile Exchange.
 * Ranging from $939.20 to $959.90.
 * Gold accelerated gains after COMEX pit open as the dollar
slumped to a two-week low against the euro on the back of
optimistic services-sector data in the euro zone. [FRX/]
 * The inverse relationship between gold and the dollar has
been reasserting itself. Earlier this year, the traditional
link broke down because both assets benefited from a flight to
safety amid economic fears - analysts.
 * Investors sold U.S. dollar holdings to buy gold and crude
oil, and the December contract looked set to break out and test
the next significant resistance level at $975 an ounce - George
Gero, vice president of RBC Capital Markets Global Futures.
 * Gold/oil ratio at 12.84, down from the previous session's
12.92.
 * COMEX estimated 9 a.m. gold volume at 52,212 lots.
 * Spot gold XAU= at $951.85 an ounce, against $939.35 in
late Thursday dealings in New York.
 * London afternoon gold fix XAUFIX= at $952.50 an ounce.
 SILVER
 * September silver SIU9 up 23.5 cents, or 1.7 percent, at
$14.115 an ounce as investors bought the volatile metal on the
back of gold's rally. Silver has the characteristics of both
precious and industrial metals.
 * Ranging from $13.710 to $14.290 an ounce.
 * COMEX estimated 9 a.m. silver volume at 17,111 lots.
 * Spot silver XAG= at $14.10 an ounce, versus $13.89 an
ounce in Thursday's late business.
 * London silver fixed XAGFIX= at $14.010 an ounce.
 PLATINUM
 * October platinum PLV9 up $7.70 at $1,249.70 an ounce as
a better performance on Wall Street prompted buying. Platinum
is mainly used by the car industry as a key component in
catalytic converters.
 * Spot platinum XPT= at $1,244 an ounce against
$1,236.50.
 PALLADIUM
 * September palladium PAU9 up $1.60 at $276.85 an ounce,
following platinum's gains.
 * Spot palladium XPD= at $273.50 an ounce, against its
previous finish of $272.
Prices at 9:48 a.m. EDT (1348 GMT)
                       Last  Change   Pct      2008   YTD
                                      Chg    Close  % Chg
US gold       GCZ9     954.50   12.80   1.4   884.30    7.9
US silver     SIU9     14.130   0.250   1.8   11.295   25.1
US platinum   PLV9    1250.90    8.90   0.7   941.50   32.9
US palladium  PAU9     277.15    1.90   0.7   188.70   46.9
Gold          XAU=     952.65   13.30   1.4  878.200    8.5
Silver        XAG=      14.12    0.23   1.7    11.30   25.0
Platinum      XPT=    1242.00    5.50   0.4   924.50   34.3
Palladium     XPD=     274.00    2.00   0.7   184.50   48.5
 (Reporting by Frank Tang; Editing by Lisa Shumaker)

























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