October 13, 2009 / 3:18 PM / 10 years ago

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)






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