Gold rises to record high

US gold rises to record high on dollar weakness

Thu Oct 8, 2009 11:07am EDT

 NEW YORK, Oct 8 (Reuters) - U.S. gold futures rose to
record highs for a third straight day on Thursday as a bearish
outlook for the U.S. currency prompted investors to buy the
metal as a hedge against losses in dollar-denominated assets.

 For the latest detailed report, click on [GOL/].

 GOLD

 * Most-active December gold futures GCZ9 up $6.30 at
$1,050.70 an ounce at 10:58 p.m. EDT (1458 GMT) on the COMEX
division of the New York Mercantile Exchange.

 * Ranging from $1,043.80 to $1,059.60 - a new record high.

 * Gold continued to closely track currency market
movements.

 * The dollar fell broadly on Thursday as rising equity
markets fueled demand for riskier assets at the expense of the
safe-haven U.S. currency.

 * The euro rose to session highs against the dollar as
European Central Bank President Jean-Claude Trichet's comments,
after the ECB left interest rates unchanged at a record low of
1 percent.

 * Cheap interest rates make it easy to buy gold for
investors, as they prepare for possible future inflation -
George Gero, vice president of RBC Capital Markets Global
Futures.

 * Demand for gold-backed exchange-traded funds climbed,
with the largest, New York's SPDR Gold Trust GLD, reporting a
fourth straight day of inflows on Tuesday. [GOL/SPDR]

 * Investors in SPDR Gold Trust bought nearly 14 tonnes of
gold, lifting its holdings 1.3 percent, in the week to
Tuesday. XAUEXT-NYS-TT

 * Oil prices rose about $1.50 to $71 a barrel.

 * Gold-to-oil ratio at 14.79, up from the previous
session's 14.72.

 * COMEX estimated 10 a.m. volume at 114,315 lots.

 * Spot gold was at $1,048.30 an ounce, against its previous
finish of $1,043.70 quoted late in New York.

 * London afternoon gold fix XAUFIX= was at $1,045.

 SILVER

 * December silver SIZ9 up 22 cents, or 1.3 percent, at
$17.725 an ounce, up with gold.

 * Ranged from $17.530 to $17.930, the highest price since
August 2008.

 * COMEX estimated 10 a.m. volume at 21,360 lots.

 * Spot silver XAG= was at $17.68, versus its previous
finish of 17.55 an ounce.

 * London silver fix XAGFIX= at $17.80 an ounce.

 PLATINUM

 * January platinum PLF0 up $16.30, or 1.2 percent, at
$1,344 an ounce on improving physical demand.

 * Better jewelry buying supported platinum group metals -
Gero.

 * Spot platinum XPT= was at $1,333.50, compared with its
previous finish of $1,326.

 PALLADIUM

 * December palladium PAZ9 up $4.95, or 1.6 percent, at
$319 an ounce, up with platinum.

 * Spot palladium XPD= was at $314.50, against its
previous close of $311.
Prices at 10:58 a.m. EDT (1458 GMT)

                       Last  Change   Pct      2008   YTD

                                      Chg    Close  % Chg
US gold       GCZ9    1050.70    6.30   0.6   884.30   18.8
US silver     SIZ9     17.750   0.250   1.4   11.295   57.1
US platinum   PLF0    1342.00   14.30   1.1   941.50   42.5
US palladium  PAZ9     319.00    4.95   1.6   188.70   69.1
Gold          XAU=    1049.45    5.75   0.6   878.20   19.5
Silver        XAG=      17.72    0.17   1.0    11.30   56.8
Platinum      XPT=    1335.00    9.00   0.7   924.50   44.4
Palladium     XPD=     315.50    4.50   1.4   184.50   71.0
Gold Fix      XAUFIX= 1045.00   -9.75  -0.9   836.50   24.9
Silver Fix    XAGFIX=   17.80   40.00   2.3    14.76   20.6
Platinum Fix  XPTFIX= 1335.00    1.00   0.1  1529.00  -12.7
Palladium Fix XPDFIX=  317.50    1.50   0.5   365.00  -13.0
(Reporting by Frank Tang; Editing by Marguerita Choy)