US gold rises on worries ahead of bank stress test
NEW YORK, May 6 (Reuters) - New York gold futures rose for a third straight day on Wednesday as stress tests on U.S. banks underscored lingering economic uncertainties, bolstering safe-haven demand in the bullion market.
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GOLD
* Gold for June delivery GCM9 was up $4.90 at $909.20 an ounce at 10:36 a.m. EDT (1436 GMT) on the COMEX division of the New York Mercantile Exchange.
* Ranged from $895.40 to $913.50.
* Jittery investors poured money into gold as a safe-haven investment ahead of the release of results of stress tests on 19 large U.S. banks on Thursday - James Steel, chief commodities analyst at HSBC.
* Regulators have told Bank of America Corp (BAC.N: Quote, Profile, Research) it needs $34 billion of capital to withstand a deep economic downturn, and Citigroup may need as much as $10 billion because of the results of the government stress test - sources.
* Gold futures ignored stock market gains, supported by news that U.S. private-sector job losses slowed much more than expected in April, hitting their lowest since November 2008 - ADP Employer Services. [ID:nN06543688]
* Higher crude oil prices suggested economic activity may be picking up, boosting gold's appeal as a hedge against inflation - Steel.
* Gold/oil ratio fell to 16.40 from 16.76 the previous session.
* Spot gold XAU= traded at $908.15 an ounce, up 0.5 percent from its late Tuesday quote in New York.
* The London afternoon gold fix XAUFIX= was $910.00 an ounce.
SILVER
* COMEX July silver SIN9 was up 35.00 cents, or 2.6 percent, at $13.770 an ounce, as less liquid silver outperformed gold.
* Ranged from $13.270 to $13.800.
* Spot silver XAG= was at $13.71 an ounce, up 2.8 percent from its previous finish.
* The London silver fix XAGFIX= at $13.440 an ounce.
PLATINUM
* NYMEX July platinum PLN9 eased $2.50 to $1,135.40 an ounce on profit-taking following the previous session's gains.
* Spot platinum XPT= at $1,127.50 an ounce, up 0.2 percent from its late Tuesday quote.
PALLADIUM
* June palladium PAM9 ignored platinum's slight decline, up $5, or 2.2 percent, to $227.90 an ounce.
* Spot palladium XPD= was at $225.00 an ounce, up 3.0 percent from its previous finish. (Reporting by Frank Tang; Editing by Lisa Shumaker)
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