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US gold rises above $1,060 on dollar weakness

 NEW YORK, Oct 12 (Reuters) - U.S. gold futures rose above
$1,060 an ounce on Monday as the dollar's weakness increased
the appeal of bullion as a hedge against a falling U.S.
currency.
 For the latest detailed report, click on [GOL/].
 GOLD
 * Most-active December gold futures GCZ9 up $9 at
$1,057.60 an ounce at 10:32 a.m. EDT (1432 GMT) on the COMEX
division of the New York Mercantile Exchange.
 * Ranged from $1,048 to $1,060.50.
 * Last Thursday, December scaled a record high $1,062.70 an
ounce. The contract had risen about 4 percent last week.
 * Gold continued to closely track currency market
movements. The metal is used as a hedge against depreciating
value of dollar-denominated assets due to a weaker greenback.
 * The dollar dropped to session lows against the euro due
to concerns about the greenback's status as the pre-eminent
reserve currency. [USD/]
 * Continued dollar weakness as well as a falling pound
sterling underpin gold and the metals complex - George Gero,
vice president of RBC Capital Markets Global Futures.
 * Noncommercial net longs in COMEX gold futures rose to an
all-time high 239,668 lots in the week ended Oct. 6, up 3.6
percent from the previous week - U.S. Commodity Futures Trading
Commission data. [ID:nSP65257]
 * Open interest in COMEX gold futures market at 500,000
lots, and high liquidity attracted investors - Gero.
 * Oil prices rose nearly $2 to over $73 a barrel on
economic optimism.
 * Gold-to-oil ratio at 14.37, down from the previous
session's 14.60.
 * COMEX estimated 10 a.m. volume at 46,709 lots.
 * Spot gold was at $1,056.05 an ounce, against its previous
finish of $1,048.25 quoted late in New York.
 * London afternoon gold fix XAUFIX= was at $1,058.75.
 SILVER
 * December silver SIZ9 up 17.5 cents at $17.865 an ounce,
down with gold.
 * Ranged from $17.710 to $17.990.
 * COMEX estimated 10 a.m. volume at 10,025 lots.
 * Spot silver XAG= was at $17.82, versus its previous
finish of $17.67 an ounce.
 * London silver fix XAGFIX= at $17.89 an ounce.
 PLATINUM
 * January platinum PLF0 up $8 at $1,347.40 an ounce on
general economic optimism.
 * Spot platinum XPT= was at $1,338, compared with its
previous finish of $1,332.
 PALLADIUM
 * December palladium PAZ9 up $4.25, or 1.3 percent, at
$328 an ounce on strong investment demand.
 * Spot palladium XPD= was at $323.50, against its
previous close of $317.50.
Prices at 10:30 a.m. EDT (1430 GMT)
                       Last  Change   Pct      2008   YTD
                                      Chg    Close  % Chg
US gold       GCZ9    1057.60    9.00   0.9   884.30   19.6
US silver     SIZ9     17.865   0.175   1.0   11.295   58.2
US platinum   PLF0    1345.50    6.10   0.5   941.50   42.9
US palladium  PAZ9     327.75    4.00   1.2   188.70   73.7
Gold          XAU=    1055.85    7.60   0.7   878.20   20.2
Silver        XAG=      17.82    0.15   0.8    11.30   57.7
Platinum      XPT=    1337.00    5.00   0.4   924.50   44.6
Palladium     XPD=     323.50    6.00   1.9   184.50   75.3
Gold Fix      XAUFIX= 1058.75    6.75   0.6   836.50   26.6
Silver Fix    XAGFIX=   17.89   26.00   1.5    14.76   21.2
Platinum Fix  XPTFIX= 1340.00    7.00   0.5  1529.00  -12.4
Palladium Fix XPDFIX=  324.00    3.00   0.9   365.00  -11.2
 (Reporting by Frank Tang; Editing by Lisa Shumaker)






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