US gold above $1,120 on oil rally

NEW YORK, March 16 (Reuters) - U.S. gold futures rose above $1,120 an ounce on Tuesday, gaining 1.5 percent, as an oil rally prompted commodity funds to buy ahead of an interest rate decision and policy statement by the Federal Reserve.

* COMEX April GCJ0 up $17.50, or 1.6 percent, at $1,122.90 an ounce at 9:45 a.m. EDT (1345 GMT).
* Range $1,108.10 to $1,127 -- highest since March 10.
* Oil rallies above $82 a barrel, lifting bullion's investment appeal as an inflation hedge - traders.
* Sovereign debt worries supporting gold, despite recent dollar strength, risk aversion - James Steel at HSBC.
* Gold boosted by a lower dollar against euro on expectations the Fed would keep rates low for a long time.
* FOMC rate decision unlikely to affect gold, but extended accommodative policies still supportive - Steel.
* COMEX gold 9 a.m. volume 73,126 lots.
* Spot gold XAU= at $1,123.45 an ounce, versus $1,108.10 late in New York in the previous session.
* London gold morning fix XAUFIX= at $1,113.25.

SILVER
* May SIK0 up 34.2 cents, or 2 percent, at $17.450 an ounce, tracking gold.
* Range from $17.130 to $17.475.
* COMEX 9 a.m. volume 9,349 lots.
* Spot silver XAG= at $17.41, against $17.05 an ounce in the previous session late quote in New York.
* London silver XAGFIX= fixed at $17.24 an ounce.

PLATINUM
* April PLJ0 up $9.90 at $1,625.70 an ounce as economic optimism helps industrial metals.
* Spot platinum XPT= at $1,624 an ounce.

PALLADIUM
* June palladium PAM0 up $6.45, or 1.4 percent, at $467.10 an ounce on platinum's gains.
* Spot palladium XPD= at $464 an ounce. Prices at 10:08 a.m. EDT (1408 GMT)

Last Change Pct 2009 YTD

Chg Close % Chg
US gold GCJ0 1124.70 19.30 1.8 1096.20 2.6
US silver SIK0 17.450 0.342 2.0 16.845 3.6
US platinum PLJ0 1626.30 10.50 0.7 1471 10.6
US palladium PAM0 467.00 6.35 1.4 408.85 14.2
Gold XAU= 1124.35 16.25 1.5 1096.35 2.6
Silver XAG= 17.42 0.37 2.2 16.84 3.4
Platinum XPT= 1621.00 0.50 0.0 1465.50 10.6
Palladium XPD= 464.00 3.00 0.7 405.50 14.4
Gold Fix XAUFIX= 1113.25 9.00 0.8 1104 0.8
Silver Fix XAGFIX= 17.24 22.00 1.3 16.99 1.5
Platinum Fix XPTFIX= 1620.00 4.00 0.2 1466 10.5
Palladium Fix XPDFIX= 462.50 0.50 0.1 402 15.0
(Reporting by Frank Tang; Editing by Walter Bagley)