RTRS: US gold retreats as dollar rises, equities fall
NEW YORK, Oct 30 (Reuters) - New York gold futures fell in
a tight range on Friday, retreating with the equities market as
the dollar rose against the euro, denting gold's appeal as a
hedge against currency depreciation.
For the latest detailed report, click on [GOL/].
GOLD
* December gold GCZ9 down $4.7 at $1,042.40 an ounce at
10:21 a.m. EDT (1421 GMT) on the COMEX division of NYMEX.
* Ranged from $1,049.20 to $1,039.30. December scaled a
record high $1,072 on Oct. 14.
* Gold under pressure as dollar extends gains vs euro after
strong U.S. Midwest manufacturing data.
* Commodities track Wall Street to trade lower after strong
stock rally on Thursday.
* Gold has recently moved in tandem with equities.
Bullion's unusual link to the stock market driven by economic
uncertainties.
* Despite strong investment buying, bullion investors
should use caution against a sustained increase in risk
appetite with moderating economic growth - MF Global.
* Crude oil drops nearly 2 percent to under $78 a barrel,
weighing down on gold.
* Gold-to-oil ratio at 13.24, up from 13.06 from the
previous session.
* COMEX estimated 10 a.m. volume at 55,282 lots.
* Spot gold XAU= at $1,041.05 an ounce, against $1,044.95
late in New York in the previous session.
* London's morning gold fix XAUFIX= at $1,044.50.
SILVER
* December silver SIZ9 down 21.5 cents, or 1.3 percent,
at $16.440 an ounce, down with gold.
* Ranged from $16.365 to $16.745.
* COMEX estimated 10 a.m. volume at 12,331 lots.
* Spot silver XAG= was at $16.40 versus the $16.63 ounce
level seen late in the previous session in New York.
* London silver fix XAGFIX= at $16.57.
PLATINUM
* January platinum PLF0 down $12.60 at $1,325.60 an ounce
on a weaker stock market.
* Spot platinum XPT= was at $1,315.50, compared with late
previous session quote of $1,337.50 in New York.
PALLADIUM
* December palladium PAZ9 down $5.55, or 1.7 percent, at
$322.75 an ounce, tracking platinum.
* Spot palladium XPD= was at $319, compared with the
previous session's close at $325.50.
Prices at 10:28 a.m. EDT (1428 GMT)
Last Change Pct 2008 YTD
Chg Close % Chg
US gold GCZ9 1042.50 -4.60 -0.4 884.30 17.9
US silver SIZ9 16.470 -0.185 -1.1 11.295 45.8
US platinum PLF0 1325.00 -13.20 -1.0 941.50 40.7
US palladium PAZ9 322.25 -6.05 -1.8 188.70 70.8
Gold XAU= 1041.65 -3.30 -0.3 878.20 18.6
Silver XAG= 16.43 -0.20 -1.2 11.30 45.4
Platinum XPT= 1315.00 -22.50 -1.7 924.50 42.2
Palladium XPD= 319.00 -6.50 -2.0 184.50 72.9
Gold Fix XAUFIX= 1044.50 4.00 0.4 836.50 24.9
Silver Fix XAGFIX= 16.57 24.00 1.5 14.76 12.3
Platinum Fix XPTFIX= 1320.00 8.00 0.6 1529.00 -13.7
Palladium Fix XPDFIX= 324.00 3.00 0.9 365.00 -11.2
(Reporting by Frank Tang; Editing by Christian Wiessner)