NEW YORK, Aug 12 (Reuters) - U.S. gold futures turned slightly higher Wednesday on an oil rally and the dollar's weakness, but bullion's rise could be limited ahead of the conclusion of a monetary policy meeting by the Federal Reserve. For the latest detailed report, click on [GOL/]. GOLD * December gold GCZ9 up $1.60 at $949.20 an ounce at 10:31 a.m. EDT (1431 GMT) on the COMEX division of the New York Mercantile Exchange. * Ranging from $951 to $942.10 an ounce -- the lowest price since July 31. * Oil rose above the $70 per barrel level, boosted by positive economic sentiment. Wall Street rebounded more than 1 percent. [O/R] [.N] * A slightly weaker dollar versus the euro also promoted gold's status as a hedge against the falling U.S. currency. * Recent gold weakness was due to a lack of fund interest as investors focused on the equities and fixed-income markets, but the metal should continue to hold firm at current price level - Jonathan Jossen, COMEX gold options floor trader. * Funds, however, should come back into the gold market as buyers in the near term - Jossen. * Investors were trading cautiously ahead of the conclusion of a two-day monetary policy meeting by the U.S. Federal Reserve later on Wednesday. * Gold/oil ratio at 13.32, lower than 13.63 from the previous session * COMEX estimated 9 a.m. gold volume at a light 24,552 lots. * Spot gold XAU= at $947.60 an ounce, compared with $944.55 an ounce in late New York business on Tuesday. * London afternoon gold fix XAUFIX= at $947.25 an ounce. SILVER * September silver SIU9 up 15 cents at $14.495 an ounce, tracking gold's gains. * Ranging from $14.125 to $14.510 an ounce. * COMEX estimated 9 a.m. silver volume at 10,723 lots. * Spot silver XAG= was at $14.43 an ounce versus $14.27 an ounce in Tuesday's late quote. * London silver fix XAGFIX= at $14.280 an ounce. PLATINUM * October platinum PLV9 down $5.60 at $1,239.50 an ounce on follow-through profit taking on easing supply worries. * South Africa's biggest union said on Wednesday it had suspended a strike set for Thursday at state power firm Eskom that could have led to power cuts and further damage to Africa's biggest economy. [ID:nWEA5951] * Spot platinum XPT= at $1,231.50 versus $1,237. PALLADIUM * September palladium PAU9 down $4.55, or 1.7 percent, at $270.60 an ounce, tracking platinum's weakness. * Spot palladium XPD= at $267.50, against its previous finish of $271. Prices at 10:27 a.m. EDT (1427 GMT) Last Change Pct 2008 YTD Chg Close % Chg US gold GCZ9 950.60 3.00 0.3 884.30 7.5 US silver SIU9 14.505 0.160 1.1 11.295 28.4 US platinum PLV9 1239.50 -5.60 -0.5 941.50 31.7 US palladium PAU9 270.15 -5.00 -1.8 188.70 43.2 Gold XAU= 947.90 3.35 0.4 878.200 7.9 Silver XAG= 14.43 0.16 1.1 11.30 27.7 Platinum XPT= 1232.50 -4.50 -0.4 924.50 33.3 Palladium XPD= 267.50 -3.50 -1.3 184.50 45.0 Gold Fix XAUFIX= 947.25 4.50 0.5 836.50 13.2 Silver Fix XAGFIX= 14.280 -0.075 -0.5 14.760 -3.3 Platinum Fix XPTFIX= 1247.00 0.00 0.0 1529.00 -18.4 Palladium Fix XPDFIX= 274.00 0.00 0.0 365.00 -24.9 (Reporting by Frank Tang; Editing by Walter Bagley)

Source