August 4, 2009 / 3:13 PM / 10 years ago

US gold rises toward $970/oz as dollar cuts gains

 NEW YORK, Aug 4 (Reuters) - U.S. gold futures rose toward
$970 an ounce on Tuesday as the dollar trimmed gains versus the
euro, but strong technical resistance could put a damper on
bullion's rally.
 For the latest detailed report, click on [GOL/].
 GOLD
 * December gold GCZ9 up $7 to $965.80 an ounce at 10:50
a.m. EDT (1450 GMT) on the COMEX division of the New York
Mercantile Exchange.
 * Ranging from $953.10 to $967.30 an ounce, the highest
price since June 10.
 * The dollar pared initial rise against the euro, boosting
gold's allure as a hedge against the falling U.S. currency.
 * Recent positive economic data triggers an increase in
investor risk appetite as capital shifts out of the dollar, and
that boosts gold - James Steel, chief commodities analyst at
HSBC.
 * Oil's gains also buoyed demand for gold as an inflation
hedge. However, should oil prices ease, an element in gold's
rally could be removed - Steel.
 * New money from investment funds buoyed all asset classes
across the board, as evident in the equities rally - analysts.
 * There is strong resistance met by gold at the $955-$960
level - Dennis Gartman, independent investor and publisher of
the daily Gartman Letter.
 * COMEX estimated 10 a.m. gold volume at 40,252 lots.
 * Spot gold XAU= at $963.40 an ounce, compared with
$955.55 an ounce in late New York business in Monday.
 * London afternoon gold fix XAUFIX= at $960.50 an ounce.
 SILVER
 * September silver SIU9 up 36.80 cents, or 2.6 percent,
to $14.620 an ounce.
 * Ranging from $14.025 to $14.655 an ounce, the loftiest
level since June 15.
 * Silver surged with gold and other metals after the
dollar's recent weakness - traders.
 * COMEX estimated 10 a.m. silver volume at 14,591 lots.
 * Spot silver XAG= was at $14.61 an ounce, versus $14.21
an ounce in Monday's late quote.
 * London silver fix XAGFIX= at $14.08 an ounce.
 PLATINUM
 * October platinum PLV9 up $3.70 to $1,243.40 an ounce as
economic optimism boosted hoped that autocatalyst demand will
rebound.
 * Spot platinum XPT= at $1,235 versus $1,232.50.
 PALLADIUM
 * September palladium PAU9 up $1.55 at $276.15 an ounce,
tracking platinum's gains.
 * Spot palladium XPD= at $273, against its previous
finish of $269.50.
 (Reporting by Frank Tang; Editing by Marguerita Choy)

























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