Weak dollar, oil turnaround lift US gold futures
NEW YORK, Oct 5 (Reuters) - Gold futures rose toward $1,020
an ounce on Monday, gaining more than 1 percent on a
combination of the dollar weakness, a late rally in crude oil
prices and lingering economic uncertainty.
For the latest detailed report, click on [GOL/].
GOLD
* December gold futures GCZ9 settled up $13.50, or 1.3
percent, at $1,017.80 an ounce on the COMEX division of the New
York Mercantile Exchange.
* Ranging from $1,001.60 to $1,018.90, the highest price
since Sept. 24.
* Jittery investors bought gold due to a weaker dollar,
turnaround in oil prices and geopolitical tensions in the
Middle East - Bruce Dunn, vice president of trading at Auramet
Trading.
* The dollar fell against the euro and a basket of
currencies on Monday after a meeting of Group of Seven finance
chiefs reinforced the market's view that policy-makers are
comfortable with a gradually weakening dollar. [USD/]
* Precious metals should be well supported this month with
reinforcement coming from expected weakness in the dollar and
improving jewelry demand from key consumer India - Tom
Pawlicki, precious metals and energy analyst at MF Global.
* Bullion holdings of the world's largest bullion-backed
exchange-traded fund, New York's SPDR Gold Trust GLD, edged
up 1.221 tonnes or 0.1 percent on Friday. XAUEXT-NYS-TT
* Oil prices turned higher amid economic optimism. U.S.
crude oil futures CLc1 rose above $70 a barrel.
* Gold-to-oil ratio at 14.41, up slightly from the previous
session's 14.40.
* COMEX estimated 1 p.m. volume at 93,990 lots.
* Spot gold XAU= was at $1,016.35 an ounce at 2:44 p.m.
EDT (1844 GMT) versus $1,001.30, the previous session's late
New York quote.
* London afternoon gold fix XAUFIX= was at $1,005.50.Capital Gold Group, gold group, gold, gold prices, gold news, gold coins, gold bullion, gold IRA, IRA
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