Fri Aug 21, 2009 7:34pm BST
NEW YORK, Aug 21 (Reuters) - Gold futures rose toward $960
an ounce on Friday, gaining more than 1 percent as the dollar
slumped against the euro, boosting the metal's appeal as a
hedge against the falling U.S. currency.
For the latest detailed report, click on [GOL/].
GOLD
* December gold GCZ9 settled up $13, or 1.4 percent, at
$954.70 an ounce on the COMEX division of the New York
Mercantile Exchange.
* Ranged from $939.20 to $959.90 -- the highest price since
Aug. 14.
* Gold accelerated gains after COMEX pit open as the dollar
slumped to a two-week low against the euro on the back of
optimistic services-sector data in the euro zone. [FRX/]
* The inverse relationship between gold and the dollar has
been reasserting itself. Earlier this year, the traditional
link broke down because both assets benefited from a flight to
safety amid economic fears - analysts.
* Investors sold U.S. dollar holdings to buy gold and crude
oil, and the December contract looked set to break out and test
the next significant resistance level at $975 an ounce - George
Gero, vice president of RBC Capital Markets Global Futures.
* Gold jumped above $950 an ounce ahead of option expiry
next week - Jon Nadler, senior analyst at bullion dealer Kitco
Metals Inc.
* Earlier in the session, oil rallied to just below $75 a
barrel. Gold is generally viewed as a hedge against oil-led
inflation.
* Gold/oil ratio at 12.90, down slightly from the previous
session's 12.92.
* COMEX estimated 1 p.m. gold volume at 82,044 lots.
* Spot gold XAU= at $952.95 an ounce at 2:15 p.m. EDT
(1815 GMT), against $939.35 in late Thursday dealings in New
York.
* London afternoon gold fix XAUFIX= at $952.50 an ounce.
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