US gold futures climbed on the Comex division of the New York Mercantile Exchange on rising oil prices and a lower dollar, and dealers said bullion's upward trend remained intact.
GOLD: June up $7 at $934 an ounce at 10:31 am EDT (1431 GMT). Ranged from $917.50 to $935.40. Gold retraced initial losses as the dollar slid after rising in early sessions on bright US retail sales data. Negative news of US bank Wachovia Corp outweighed G7 nations' concern about currency volatility, sending the dollar lower and gold higher.
Gold could hit $1,500 to $1,600 in the next 12 to 18 months due to negative interest rate environment, dollar weakness, inflation - Thomas Winmill, portfolio manager of $260 million Midas Fund. Potential resistance for gold at $933 an ounce, while near-term support at $915 - analyst.
US crude up $1.50 at nearly $112 a barrel, boosting gold's appeal as an inflation hedge. Estimated 10 am volume a quiet 45,195 lots. Spot gold at $930.40/931.40, compared with $924.60/925.40 at the close Friday. London afternoon gold fix was $926.50.
PLATINUM : July down $48.60, or 2.4 percent, at $1,979.50 an ounce. Heavy selling overnight from over-the-counter and Tokyo's TOCOM traders cited. Dips viewed as buying opportunities, given the expected market deficit of platinum this year - analyst Spot traded at $1,960/1,970.
PALLADIUM : June down $17.65, or 3.7 percent, at $457.70 an ounce. Resistance expected at $465, support at $440 - analyst. Spot at $455/463.
SILVER : May up 7.0 cents at $17.760 an ounce on gold's strength. Ranged $17.260 to $17.910. Spot silver at $17.72/17.77, against Friday's late quote at $17.75/17.80. Silver fixed in London at $17.45.