NEW YORK, May 22 (Reuters) - U.S. gold futures rose to hit two-month high above $960 an ounce on Friday as the euro jumped above $1.40, highlighting the role of bullion as a hedge against the falling U.S. currency. New York energy and commodity markets will be closed on Monday for the U.S. Memorial Day holiday. The markets will reopen on Tuesday. [ID:nN21518457] For the latest detailed report, click on [GOL/]. GOLD * Gold for June delivery GCM9 settled up $7.70 at $958.90 an ounce on the COMEX division of the New York Mercantile Exchange. * Ranged from $950.10 to $963.10 -- the highest price since March 20. * The euro extended gains versus the dollar, briefly trading above $1.40 on growing concerns about the U.S. sovereign rating, a day after Standard & Poor's cut its outlook on Britain to negative for the first time. * Worries about financials, currency weakness and technical strength brought more fund buyers in the gold market prior to the long weekend - George Gero, vice president of RBC Capital Markets Global Futures. * Fluctuation of oil prices and the dollar priced into the price of gold and other commodities - Frank McGhee, head precious metals trader of Integrated Brokerage Services. * Gold supported by signs of further economic weakness after U.S. continued jobless claims rose to a record on Thursday. * Gold futures largely ignored news that the U.S. Senate authorized support for the IMF's planned gold sale, as the transaction is not expected to dampen market prices. [ID:nWAT011488] * COMEX estimated midday volume at 100,212 lots. * COMEX gold open interest up 10,987 at 390,923 lots as of May 21, closing in to the 400,000 mark. * Gold/oil ratio at 15.52, lower than the 15.63 of the previous session. * Spot gold traded at $956.95 an ounce at 2:32 p.m. EDT (1832 GMT), up 0.4 percent from its late Thursday quote in New York. * London gold fix $959.75 an ounce. SILVER * COMEX July silver SIN9 hits a nine-month high, ended up 25.00 cents, or 1.7 percent, at $14.695 an ounce as the less liquid metal tracked gold's gains. * Ranged from $14.430 to $14.860, the highest price since Aug. 13. * COMEX estimated midday volume at 19,312 lots. * Spot silver was at $14.67 an ounce, up 1.1 percent from its previous finish. * London silver fix at $14.66 an ounce. PLATINUM * NYMEX July platinum PLN9 traded in a mixed session, finished up $5.30 at $1,160.00 an ounce as the market awaited news from the U.S. government regarding an expected bankruptcy filing by General Motors Corp (GM.N). * Spot platinum at $1,152.00 an ounce, up 0.3 percent from its late Thursday quote. PALLADIUM * June palladium PAM9 closed down $1.85 at $233.65 an ounce, as the market took a breather. * Spot palladium was at $231.00 an ounce, essentially unchanged from its previous finish. (Reporting by Frank Tang; Editing by Lisa Shumaker)

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