U.S. gold futures firmed in early business, then turned lower, but prices were confined to a narrow range as many players waited for minutes from the Federal Reserve's last meeting due later on Wednesday. For the latest detailed report, click on [GOL/]. GOLD * Gold for June delivery GCM9 turned lower, falling $2.50 to $880.880 an ounce on the COMEX division of the New York Mercantile Exchange. * Trading band rose to $879.20 to $890.80. * Monday's low of $865 was last hit on Jan. 23. * Gold seemed to be caught in a tug-of-war between investors whose risk appetite has grown and those who still see it as a safe haven from gloomy conditions - analysts. * Optimistic investors think the worst of the recession has passed and sell the yellow metal on gains - analysts. * While pessimists continue to buy gold on dips, seeking it as a safety play, along with the dollar - analysts. * The dollar added to gains against the euro as many players feared the second quarterly loss reported last night by Alcoa Inc (AA.N) was an omen of a protracted downturn. [USD/] * JPMorgan issued a report with raised gold price forecasts for 2009 and 2010, citing prospects for inflation and weakness in the dollar as supportive factors. [ID:nL8605311] * Morgan lifted its 2009 price view for gold to $960 an ounce from $831 previously, and its 2010 forecast for the precious metal to $950 from $825. * The forecasts come a day after increased price projections issued by metals consultancy GFMS for gold. * GFMS projected gold may rise through $1,100 an ounce in 2009 as investment is supported by fears about rising inflation, potential dollar weakness, and fears over financial instability - GFMS. [ID:nWLA1721] * Trade should remain fairly quiet and hold within its recent range ahead of the U.S. Federal Reserve's latest minutes from its policy-setting FOMC meeting on March 17-18 at 2 p.m. EDT (1800 GMT). * Technical charts show next support at $850 and next upside breakout targets at $900 and $925 an ounce - analysts. * COMEX saw 0900 a.m. EDT gold volume at 28,422 lots. * Open interest dropped 8,308 to 343,276 lots on April 6. * Spot gold fell to $879.05/880.50 an ounce from to $883.30/884.50 an ounce by late Tuesday trade in New York. * London morning fix rose to $887.25. SILVER * COMEX May silver SIK9 was trading with other metals. * May futures added 1.0 cent to $12.22 an ounce. * Trading range moved up to $12.15 to $12.47 an ounce. * COMEX estimated 0900 a.m. silver volume at 6,575 lots. * Open interest fell by 21 lots to 93,903 on Monday. * Spot silver was higher at $12.29/12.35 an ounce than $12.25/12.31 an ounce late on Tuesday. * Silver fix increased in London to $12.28. PLATINUM * NYMEX July platinum PLN9 gained $12.60 cents to $1,187.60 an ounce. * Spot platinum was higher at $1,174.0/1,184.0 an ounce from $1,161.0/1,171.0 an ounce late Tuesday. PALLADIUM * June palladium PAM9 rose $5.00 to $231.0 an ounce. * Spot palladium was stronger at $227.50/232.50 an ounce from $223.00/228.00 on Tuesday.

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