Thu May 28, 2009 10:38am EDT NEW YORK, May 28 (Reuters) - U.S. gold futures turnedhigher on Thursday, supported by a combination of a weakeneddollar, inflation concerns and background support fromsimmering geopolitical tensions.
For the latest detailed report, click on [GOL/].
GOLD
* Gold for June delivery GCM9 up $4.10 at $957.40 anounce at 10:25 a.m. EDT (1425 GMT) on the COMEX division of theNew York Mercantile Exchange.
* Ranged from $944 to $961.10.
* Gold supported as the dollar fell against the euro, asbetter-than-expected U.S. durable goods orders and weeklyjobless claims boosted risk appetite - forex traders. [USD/]
* Inflation concerns also stirred buying into the yellowmetal after U.S. crude futures rose above $64 per barrel asOPEC kept its output unchanged. [O/R]
* Gold continued to look expensive relative to agriculturalcommodities, and a high bullish consensus figure was worrisometo gold bulls - Dennis Gartman, independent director and theauthor of the daily "Gartman Letter."
* Contract rollover to August futures continued at a goodpace ahead of first notice day of June contracts on Friday -traders.
* Heightened military alert for the Korean peninsula by theUnited States and South Korea over a nuclear test by the Northboosted the safe-haven appeal in gold. [ID:nSEO333114]
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