RTRS: US gold rises on weak dollar, currency volatilies
NEW YORK, June 18 (Reuters) - New York gold futures turned higher on
Thursday on a weaker dollar and currency market volatility, and U.S.
President Barack Obama's proposed reform of the financial sector could
provide background support to gold's investment appeal.
For the latest detailed report, click on [GOL/].
GOLD
* August GCQ9 up $4.70 at $940.70 an ounce at 9:57 a.m. EDT (1357
GMT) on the COMEX division of the New York Mercantile Exchange.
* Ranging $936.10 to $944.
* Gold boosted as dollar edged down against the euro.
* Currency market volatilities also led to increased buying in gold, as
the euro jumped more than 1.5100 Swiss francs per euro on market
talk of possible central bank intervention - traders. [USD/]
* However, weaker oil prices dented gold's appeal as a hedge against
inflation. U.S. oil futures CLc1 fell toward $70 per barrel on economic
worries.
* Increase in U.S. government financial regulation may boost gold,
whose investment appeal may increase compared with other instruments such
as financial stocks, hedge funds and over-the-counter derivatives markets
which will be under scrutiny - James Steel, chief commodities analyst at
HSBC.
* Higher food prices and global unease over food supply is a positive
for gold, as food security is still likely to remain a global problem -
Steel.
* COMEX estimated 9:00 a.m. volume at 28,075 lots.
* Gold/oil ratio up at 13.29, down from the 13.30 in its previous
session.
* Spot gold traded at $939.60, up 0.1 percent from its previous
session.
* London gold fix at $940.50 an ounce.
SILVER
* July SIN9 up 1 cent at $14.290 an ounce in directionless trade,
tracking gold's gains.
* Ranged from $14.130 to $14.400.
* COMEX estimated 9 a.m. volume at 9,227 lots.
* Spot silver was at $14.27 an ounce, down 0.3 percent from its
previous finish.
* London silver fix at $14.19 an ounce.
PLATINUM
* July PLN9 up $8.30 at $1,213.50 an ounce, taking the lead from
gold's gains and dollar weakness.
* Spot platinum at $1,205 an ounce, up 0.3 percent from its
previous session.
PALLADIUM
* September PAU9 down 15 cents at $242.90 an ounce, as the market
looked for trading cues and fresh news from the U.S. auto industry.
* Spot palladium was at $240 an ounce, down 0.2 percent from its
previous finish.
Prices at 9:57 a.m. EDT (1357 GMT)
