RTRS: U.S. gold down as dollar strength prompts selling
NEW YORK, Sept 25 (Reuters) - New York gold futures fell to
fresh two-week lows on Friday, briefly trading below $990 an
ounce, as a resurgent dollar prompted short-term bullion
traders to lock in profits ahead of the weekend.
For the latest detailed report, click on [GOL/].
GOLD
* December gold GCZ9 down $4.30 at $994.60 an ounce at
10:08 a.m. EDT (1408 GMT) on the COMEX division of New York
Mercantile Exchange.
* Range from $1,000.50 to $985.50, lowest since Sept. 10.
* Gold's recent drop was a minor correction after it failed
to clearly break above strong resistance at $1,020 an ounce
level earlier this week - traders.
* The dollar partially erased losses after U.S. data showed
that durable goods orders dropped in August, pressuring
bullion's status as a hedge against a weakening U.S. currency.
* Gold's retreat is definitely dollar-driven, and a
correction in an overly long U.S. futures market could send
prices to the mid- to upper-$900 range - Jon Nadler, senior
analyst at bullion dealer Kitco Metals Inc.
* U.S. oil futures rebounded, rising toward $67 a barrel,
after dropping $3 in the previous session on weak economic
sentiment. [O/R]
* Gold-to-oil ratio at 14.82, down from the previous
session's 15.12.
* COMEX estimated 9 a.m. volume at 62,814 lots.
* Spot gold XAU= at $992.75 versus $993.75, which was the
previous session's late New York quote.
* London morning gold fix XAUFIX= was at $991.50.
SILVER
* December silver SIZ9 down 8 cents at $16.215 an ounce,
tracking gold's decline.
* Range from $15.955 to $16.410.
* COMEX estimated 9 a.m. volume at 20,879 lots.
* Spot silver XAG= was at $16.17, versus its previous
finish of 16.18 an ounce.
* London silver fix XAGFIX= at $16.20 an ounce.
PLATINUM
* October platinum PLV9 down $13.70, or 1 percent, at
$1,294.80 an ounce, following general weakness of metals across
the board.
* Spot platinum XPT= was at $1,286.50, compared with its
previous finish of $1,297.50.
PALLADIUM
* December palladium PAZ9 down 10 cents at $297.80 an
ounce, down with platinum.
* Spot palladium XPD= was at $292, against its previous
close of $291.50.
Prices at 10:09 a.m. EDT (1409 GMT)
Last Change Pct 2008 YTD
Chg Close % Chg
US gold GCZ9 994.60 -4.30 -0.4 884.30 12.5
US silver SIZ9 16.200 -0.095 -0.6 11.295 43.4
US platinum PLV9 1294.80 -13.70 -1.1 941.50 37.5
US palladium PAZ9 297.80 -0.10 0.0 188.70 57.8
Gold XAU= 993.20 -0.55 -0.1 878.20 13.1
Silver XAG= 16.16 -0.02 -0.1 11.30 43.0
Platinum XPT= 1287.00 -10.50 -0.8 924.50 39.2
Palladium XPD= 292.00 0.50 0.2 184.50 58.3
Gold Fix XAUFIX= 997.00 -12.75 -1.3 836.50 19.2
Silver Fix XAGFIX= 16.20 -56.00 -3.3 14.76 9.8
Platinum Fix XPTFIX= 1281.00 14.00 1.1 1529.00 -16.2
Palladium Fix XPDFIX= 293.00 2.00 0.7 365.00 -19.7
(Reporting by Frank Tang; Editing by Walter Bagley)