NEW YORK, Aug 4 (Reuters) - U.S. gold futures rose above $970 an ounce on Tuesday, hitting a two-month high on the back of dollar weakness and growing investor risk appetite, but the metal could retreat as it nears the $1,000 level. For the latest detailed report, click on [GOL/]. GOLD * December gold GCZ9 settled up $10.90, or 1.1 percent, at $969.70 an ounce on the COMEX division of the New York Mercantile Exchange. * Ranging from $953.10 to $972.70 an ounce, the highest price since June 5. * The dollar pared its initial rise against the euro, boosting gold's allure as a hedge against the falling U.S. currency. * Gold's rise driven by dollar weakness and a rise in investment risk appetite, prompting capital to shift out of the bond market into the equities - James Steel, chief commodities analyst at HSBC. * Surge in scrap supply and dampened jewelry demand could pressure gold prices as they approach the $1,000 level - Steel. * New money from investment funds buoyed all asset classes across the board, as evident in the equities rally - analysts. * Gold/oil ratio at 13.52, higher than 13.39 from the previous session * COMEX estimated final gold volume at 91,215 lots. * Spot gold XAU= at $964.10 an ounce at 2:28 p.m. EDT (1828 GMT), compared with $955.55 an ounce in late New York business in Monday. * London afternoon gold fix XAUFIX= at $960.50 an ounce. SILVER * September silver SIU9 finished up 44.30 cents, or 3.1 percent, at $14.695 an ounce. * Ranging from $14.025 to $14.765 an ounce, the loftiest level since June 15. * Silver surged with gold and other metals after the dollar's recent weakness - traders. * COMEX estimated final silver volume at 29,246 lots. * Spot silver XAG= was at $14.61 an ounce, versus $14.21 an ounce in Monday's late quote. * London silver fix XAGFIX= at $14.08 an ounce. PLATINUM * October platinum PLV9 ended up $37.10, or 3 percent, at $1,276.80 an ounce, boosted by better-than-expected auto sales as Americans rushed to take advantage of the government's "Cash For Clunkers" program. [ID:nN03530480] * Spot platinum XPT= at $1,235 versus $1,232.50. PALLADIUM * September palladium PAU9 closed up $6.30, or 2.3 percent, at $280.90 an ounce, tracking platinum's gains. * Spot palladium XPD= at $273, against its previous finish of $269.50. (Reporting by Frank Tang; Editing by Lisa Shumaker)

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