NEW YORK, June 4 (Reuters) - U.S. gold futures turned 1 percent higher on Thursday, reversing the previous session's sharp decline, as a bullish forecast by Goldman Sachs on crude oil prices ignited inflation worries and boosted inflation-hedge buying. For the latest detailed report, click on [GOL/]. GOLD * August GCQ9 up $9.90, or 1 percent, at $975.50 an ounce on the COMEX division of the New York Mercantile Exchange. * Ranged from $962 to $977.20. * Goldman Sachs raised its oil price forecast for the end of 2009 to $85 a barrel from $65 and introduced a new end-2010 forecast of $95. Crude oil CLc1 rose 2 percent to nearly $68 per barrel. [O/R] * Goldman said in a research note that the recent rally in U.S. crude oil is likely to be but the first stage in an oil price rally that it expects will accompany a recovery in economic activity. [ID:nL4422610] * The Goldman view encouraged investors to reenter the gold market after Wednesday's across-the-board commodities sell-off on fund selling - George Nickas, commodities broker at FC Stone. * Gold rose in spite of a slight rise by the U.S. dollar and a drop in the bullion holdings of the SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund. [ID:nT144303] * Gold could weaken further, as the metal has corrected sharply after it approached the $1,000 level each time in the past two years - analysts. * COMEX estimated 10 a.m. volume at 62,246 lots * Gold/oil ratio at 14.35, lower than the 14.55 of the previous session. * Spot gold traded at $971.50, up 1 percent from its late Wednesday quote in New York. * London gold fix $970.75 an ounce. SILVER * July SIN9 up 21.5 cents, or 1.4 percent, at $15.525 an ounce, rebounding from Wednesday's 4 percent decline. * Ranged from $15.065 to $15.585. * COMEX estimated 10 a.m. volume at 17,935 lots. * The holdings of the iShares Silver Trust SLV held unchanged at 8,605.43 tonnes on June 3, near its record high. * Spot silver was at $15.45 an ounce, up 1 percent from its previous finish. * London silver fix at $15.305 an ounce. PLATINUM * NYMEX July platinum PLN9 up $20.30, or 1.6 percent, at $1,264.80 an ounce, boosted by buying based on broad-based commodities strength. * PGMs buying increased after Goldman Sachs said that U.S. auto sales are likely to improve in the second half of 2009. [ID:nBNG383125] * The global car industry accounts for 60 percent of total platinum demand for use in automobile catalytic converters. * Spot platinum at $1,251.00 an ounce, up 1.4 percent from its late Wednesday quote. PALLADIUM * September palladium PAU9 up $6.90, or 2.8 percent, at $249.50 an ounce, tracking platinum's gains. * Spot palladium was at $245.50 an ounce, up 2.1 percent from its previous finish. (Reporting by Frank Tang; Editing by Walter Bagley)

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