Thomson Reuters



NEW YORK, Sept 28 (Reuters) - U.S. gold futures settled on
Tuesday near its new all time high above $1,311 an ounce driven
up as three reports argued for further quantitative easing by
central banks that drove the euro up against the dollar and set
off stop-loss buy orders in both markets, traders said.

* For the latest detailed report, click on [GOL/].

GOLD

* COMEX December gold futures closed up $9.70 at
$1,308.30 an ounce on the COMEX division of the NYMEX.

* Range ran from $1,276.20 to $1,311.80, a record high.

* COMEX estimated final gold volume at 208,540 lots, nearly
double the 30-day average - COMEX data.

* Gold volume was heaviest in 2 months - COMEX data.

* Gold open interest rose to new record at 616,130 lots on
Monday and likely added to that total on Tuesday - COMEX data.

* Gold rebounded with the euro after renewed calls for
central banks to use quantitative easing for economic stimulus
- analysts.

* The dollar slumped and the euro surged to a fresh
five-month high, with prospects growing for additional monetary
policy easing. [USD/]

* Gains in the euro, followed by gold, accelerated after a
weaker-than-expected U.S. consumer confidence reading, its
lowest level since February. For details see [ID:nN28177460].

* Weaker U.S. economic data, including an erosion in
consumer confidence, undermined the dollar and paved the way
for currency and gold investors to prepare for renewed economic
stimulus measures - analysts.

* Additionally, hedge fund advisor Medley Global Advisors
said in a report the Federal Reserve is likely preparing a
fresh round of quantitative easing measures to announce at the
end of its Nov. 2-3 meeting. [ID:nN28181349]

* Similarly, Bank of England policymaker Adam Posen said
the British central bank should start pumping more money into
the economy. [ID:nLAC005768].

* Most significant for gold would be the dilutive effect on
the dollar if the Fed did embark on further measures to inject
liquidity into the U.S. money market, said Peter Buchanan,
senior economist at CIBC World Markets in Toronto.

* Many gold investors situated outside the U.S. would
benefit by holding the dollar-denominated yellow metal if the
U.S. currency depreciated - Buchanan.

* As the euro gained ground on the dollar, stop-loss buy
orders were triggered by gold investors - traders.

* Many players had set up for a corrective sell off in gold
when it failed to add to gains on Monday and early Tuesday, and
short-term players had begun taking profits - traders.

* Several analysts targeted downside levels ranging from
$1,246 to $1,268 per ounce.

* Billionaire financier George Soros repeated his warning
that gold is locked in the "ultimate bubble". [ID: nN15153856]
He was repeating a warning issued in February. But there is no
end in sight for gold's bull run and anyone who shorted gold in
February would be sitting on huge losses. [ID:nLDE68R1TL]

* Instead, gold continues to rise in a well-defined channel
with resistance at $1,318 per ounce. For the chart:


* COMEX estimated final volume at 54,348 lots, over 30
percent greater than average for the last month.

* Spot silver jumped to $21.72 in late New York
dealings from $21.38 previously.

* London silver was fixed sharply lower at
$21.1650 an ounce.

PLATINUM

* NYMEX October platinum closed $5.60 higher at
$1,635.70 an ounce, as some investors bought precious metals
across the board - traders.

* Spot platinum rallied to $1,634 an ounce, up from
Monday's close at $1,627.35 a tonne.

PALLADIUM

* NYMEX December palladium finished with $8.25 gains
at $560.45 an ounce, rising with platinum.

* Spot palladium increased to $561.0 an ounce from
$548.68 an ounce late on Monday.
Prices at 2:44 p.m. EDT (1844 GMT)