NEW YORK, Sept 22 (Reuters) - U.S. gold futures rose toward$1,020 an ounce on Tuesday, gaining 1 percent as a sharpdeterioration of the dollar's value triggered investment buyingin gold as a currency hedge.
For the latest detailed report, click on [GOL/].
GOLD
* December gold GCZ9 settled up $10.60, or 1.1 percent,at $1,015.50 an ounce on the COMEX division of New YorkMercantile Exchange.
* Ranged from $1,004.20 to $1,021.50.
* Gold boosted by a tumbling dollar. Deterioratingsentiment toward the U.S. currency pushed FX dealers to sell itahead of a Federal Reserve meeting and Group of 20 summit thisweek. U.S. dollar index .DXY fell almost 1 percent against abasket of major currencies. [USD/]
* Gold's rally primarily was driven by its inverserelationship with the U.S. dollar - Frank Holmes, chiefexecutive officer and chief investment officer of U.S. GlobalInvestors, a commodities-focused fund manager.
* Gold could still go higher in deflationary economybecause of currency devaluation as a result of deficit spendingand a strong resolve to keep interest rates negative - Holmes.
* Gold, which is priced in the U.S. currency, usually goesup with a falling greenback. Gold is also seen as analternative to holding dollar-denominated assets and othermajor currencies.
* Gold's status as an investment continues to rise. Theworld's largest gold-backed exchange-traded fund, the SPDR GoldTrust GLD, said its holdings stood at 1,101.735 tonnes as ofSept. 21, up from 1,086.479 tonnes the previous day.
* Lack of gold jewelry demand, however, could limit furthergains - traders.
* India's gold imports in 2009 may fall to their lowestlevel since trade was liberalized 12 years ago as high priceshave put off buyers in the world's biggest market for the metal- top Indian importer. [ID:nBOM512227]
* Worries about imminent shorter-term traders also draggedprices lower, as trade data showed that speculators held arecord net long position in U.S. gold futures.
* U.S. crude futures rebounded above $71 per barrel onimproved sentiment for demand and a weaker dollar. [O/R]
* Gold-to-oil ratio at 14.21, down from the previoussession's 14.41.
* COMEX estimated final volume at 96,316 lots.
* Spot gold XAU= at $1,013.25 at 2:32 p.m. EDT (1832 GMT)versus $1,002.55, which was the previous session's late NewYork quote.
* London afternoon gold fix XAUFIX= was at $1,014 anounce.
SILVER
* December silver SIZ9 finished up 23.5 cents, or 1.4percent, at $17.115 an ounce, up with gold.
* Range from $16.830 to $17.345.
* COMEX estimated final volume at 21,997 lots.
* Spot silver XAG= was at $17.07 versus its previousfinish of 16.80 an ounce.
* London silver fix XAGFIX= at $17.24 an ounce.
PLATINUM
* October platinum PLV9 ended up $17, or 1.3 percent, at$1,339.20 an ounce on the back of stronger global equitiesmarkets.
* Spot platinum XPT= was at $1,329 compared with itsprevious finish of $1,315.50.
PALLADIUM
* December palladium PAZ9 closed up $3.25, or 1.1percent, at $302.40 an ounce.
* Spot palladium XPD= was at $300 against its previousclose of $294.50. Capital Gold Group, gold group, gold, gold prices, gold news, gold coins, gold bullion, gold IRA, IRA gold
