Rohstoffnews

15 Dez 2004 15:31

15.12.2004 15:14:38 Europe gold pierces resistance at $440 as dlr sags

* Gold rises to pierce resistance at $440 per troy ounce, with buying spurred by dollar weakness after U.S. net capital inflows data comes in weaker than expected.

* Spot gold rises to $440.15/440.90 by 1404 GMT, versus $439.25 before the data, compared with New York's late trade on Tuesday of $435.25/436.00.

* Euro shoots through $1.3400 versus the dollar.

* Foreign investment in U.S. assets fall sharply in October to the lowest level in a year, according to a Treasury Department report.

* Net inflows of capital totalled $48.1 billion in October, after an upwardly revised $67.5 billion in September, the Treasury's International Capital report said.

16 Dez 2004 09:14

16.12.2004 08:19:03 TOCOM gold follows New York higher, platinum slips

TOKYO, Dec 16 (Reuters) - Tokyo gold futures edged up on Thursday as gains in New York induced mild short-covering, while platinum futures retreated from a one-week high on profit-taking.

The benchmark October 2005 gold contract on the Tokyo Commodity Exchange (TOCOM) settled up seven yen per gram at 1,488, after trading between 1,483 and 1,488.

Other months gained three to six yen.

"The market did not move much as gains from New York were mostly offset by a higher yen," a Tokyo broker said. "Given such a narrow price movement, participants in TOCOM were limited."

Technically, the market looks poised to regain the 1,500 yen level after the benchmark contract filled the gap between 1,478 and 1,487 yen, the broker said. But it lacks upward momentum ahead of the holiday season, he added.

The October contract has regained about half of the losses it sustained from a drop to a one-month low of 1,470 yen set last Thursday from the 12-year high of 1,505 yen hit on Dec. 2.

Operators were keeping their eyes on the currency market and looking forward to U.S. current account data due later in the day as clues for direction.

Spot gold was quoted at $442.25/443.00 an ounce at 0630 GMT, up from Wednesday's New York close of $440.35/441.10, as the dollar came under further pressure after suffering considerable losses on Wednesday.

The dollar was within reach of a record low against the euro on Thursday as concerns about the U.S. trade and current account deficits hardened the market's view the currency's downward spiral would continue.

According to U.S. figures, portfolio inflows into the country dropped to $48.1 billion in October, the lowest level in a year and short of covering the country's record trade deficit for the same month.

At 0630 GMT, the euro was at $1.3414/15 , not far from a record high of $1.3470 hit earlier in the month.

Against the yen, the dollar was at 104.28/30 , losing sight of a one-month high around 106.20 hit less than a week ago.

In the platinum market, TOCOM's benchmark October 2005 contract closed down six yen per gram at 2,750.

Other months lost five to 10 yen.

October platinum rose as far as 2,768 yen in early trade, its highest since Dec. 8, following a rally in New York. But investors rushed to take profits, sending prices into negative territory.

Spot platinum was quoted at $844/849 an ounce at 0630 GMT, against $837.50/842.50 in late New York.

Below are closing prices for TOCOM's most active precious metals contracts, with the day's turnover for each metal.

Closing prices are in yen per gram except for silver, which is in yen per 10 grams.

For open interest details please click :
Closing price Turnover (lots)
GOLD 1,488 (up 7) 33,618
SILVER 231.4 (up 3.9) 4,051
PLATINUM 2,750 (down 6) 37,232
PALLADIUM 626 (down 9) 1,268

16 Dez 2004 09:15

16.12.2004 08:11:16 Gold up in early Europe on US deficit concern

* Gold higher in early European trading on concerns over U.S. trade and current account deficits. Up at $442.25.50/443.00 a troy ounce by 0700 GMT, versus New York's late trade on Wednesday of $440.35/441.10.

* The euro was trading at $1.3421/25 , near late U.S. levels and close to record high of $1.3470 hit this month.

* Silver up to $6.90/6.92 from $6.82/6.86.

* Platinum rises to $844.00/849.00 versus New York's $837.50/842.50.

* Palladium drifts back to $182.00/187.00 from $183.50/186.50.

16 Dez 2004 13:23

16.12.2004 12:57:44 Gold creeps higher in Europe as dollar stuggles

LONDON, Dec 16 (Reuters) - Gold was firmer in Europe on Thursday morning, buoyed by a pressured dollar as worries persisted over U.S. ability to cover its current-account gap.

Spot gold stood at $441.25/442.00 per troy ounce by 1137 GMT, up from $440.35/441.10 quoted late in New York on Wednesday.

The dollar traded to within two thirds of a cent of this month's record low against the euro, making dollar-priced gold more attractive for non-U.S. investors.

Dealers said that gold was looking well positioned, as the price had managed to absorb some earlier selling during its move higher.

"There has been a bit of selling around, but with the dollar weakening like it has been I can't see the price suffering," one dealer said.

Investors accelerated their dollar sales on Wednesday after data showed net portfolio inflows into the United States dwindled to $48.1 billion in October, the lowest level in a year.

This was less than the country's record trade deficit of $55.5 billion for the same month, highlighting the vulnerability of the U.S. balance of payments.

Third quarter U.S. current account data is due at 1330 GMT and analysts will scour the numbers to see whether the U.S. is attracting enough foreign cash to cover its external imbalance.

"I'm feeling a bit more friendly towards the (gold) market, but there is still a risk of it shifting lower," the dealer said, due to thinner liquidity ahead of year-end.

A fund source said that thinner volumes would not change the overall approach of so -called program dealing -- triggered by the market reaching certain key chart levels.

"We are aware of the (thin) Christmas liquidity, but as systematic traders are not going to change our approach. So we'll buy and sell when we get the usual signals," the fund source said.

Alexander Zumpfe of Dresdner Kleinwort Wasserstein said in a daily report that the underlying tone has turned more positive on bullion as the market seemed to have returned successfully from last week's sharp fund-led drops.

"We will see whether this is enough to change the picture from "sell-into-rally" to "buy into dips"...that could bring a test of the next resistance around 446," he said.

Spot silver eased back slightly to $6.78/6.81 from $6.82/6.86.

Platinum climbed to $843.00/847.00 from late New York's $837.50/842.50, while palladium stood at $183.00/187.00 from $183.50/186.50.

16 Dez 2004 13:36

16.12.2004 13:27:12 Silver fixes slightly down, gold flat

* Silver fixes marginally higher in London at 678.50 cents a troy ounce, versus 678.00 cents the previous session. Spot silver falls to $6.77/6.80 from $6.82/6.86 by 1212 GMT. Forward rates on Reuters page indicated at 2.115, 2.062, 2.008 and 1.825 for one, three, six and 12 months respectively. * Gold firmer, off earlier highs of $442.50 but trading at $442.00/442.75 at 1224 GMT, versus New York's late trade on Wednesday of $440.35/441.10. * Still closely tracking currency moves, with the dollar easing toward last week's record low vs. euro after capital inflows data in previous session adds to worries the U.S. may struggle to fund its current acount deficit. * Platinum rises to $843.00/847.00 versus New York's $837.50/842.50. * Palladium mostly unchanged at $183.00/187.00 from $183.50/186.50.

Es wird immer lustiger,nun will Glamis Gold Goldcorp kaufen die ja wiederum Wheaton kaufen wollen..............

Vielleicht übernimmt Newmont anschliessend die von Harmony geschluckten Goldfields, und im Finale übernimmt dann Barrick alles.....

Goldcorp vorbörsl.10% im Plus.

Press Release Source: Glamis Gold Ltd.

Glamis Gold Announces Take-Over Bid For Goldcorp
Thursday December 16, 8:15 am ET

RENO, Nev.--(BUSINESS WIRE)--Dec. 16, 2004--All amounts in US$
Glamis Gold Ltd. (NYSE:GLG - News; TSX:GLG - News) today announced its intention to make a take-over bid (the "Take-over Bid") to acquire Goldcorp Inc. ("Goldcorp"). Glamis intends to offer Goldcorp shareholders 0.89 of a Glamis common share for each Goldcorp common share. The offer values Goldcorp at $17.80 per common share and represents a premium of 22.6% based on the volume-weighted average trading price for both companies for the previous 30 trading days on the New York Stock Exchange.

ADVERTISEMENT


Kevin McArthur, President and Chief Executive Officer of Glamis Gold said, "A business combination between Glamis and Goldcorp has been in the making for over a year. We are very pleased to present this premium offer directly to Goldcorp's shareholders. We have completed exhaustive due diligence on their assets on two separate occasions and see significant opportunities for improvement. Glamis' previous acquisitions have created dramatic value for its shareholders and we believe that we can deliver similar results through enhanced mining and exploration efforts at Red Lake. Red Lake is one of the world's great gold assets and the time has come for its future to be guided by a mining-focused team."

Mr. McArthur added, "Goldcorp shareholders should contact their Board of Directors to demand the opportunity to decide between receiving a premium under our offer or paying a premium to Wheaton River. We believe the Goldcorp shareholders will overwhelmingly express their preference for a Glamis-Goldcorp combination over the Goldcorp-Wheaton deal."

The Take-over Bid will be subject to customary conditions, including that a minimum of 66 2/3% of Goldcorp shares on a fully-diluted basis are tendered to the Take-over Bid. In addition, the bid will be subject to the following condition:

Goldcorp does not acquire or enter into any commitment to acquire shares or enter into any material agreement with Wheaton River Minerals Ltd. ("Wheaton River"); or
Alternatively, any Goldcorp offer or agreement with Wheaton River must be conditional on the Take-over Bid not being successful and must be capable of being terminated by Goldcorp without payment or penalty if the Take-over Bid is successful.
Approval by holders of a simple majority of Glamis common shares voted at a shareholders meeting will also be required to remove the restriction on the number of common shares that Glamis may issue. The Take-over Bid will not be subject to any further due diligence.

Glamis intends to mail the Take-over Bid Circular to Goldcorp shareholders in early January, with an expiry date 35 days thereafter. Glamis will hold its shareholders meeting on February 9, 2005, prior to the expiry of the Take-over Bid.

The combination of Glamis and Goldcorp will offer a clearly superior choice for gold investors:

Superior growth profile with an outstanding project pipeline and exploration portfolio - gold production to grow to over 1.4 million ounces by 2007 from fully-designed and permitted projects already under construction;
High-quality, low-cost asset base with long mine lives and excellent prospects for discovery and reserves expansion - total cash costs expected to average less than $120 per ounce over the next five years;
Pure gold, with no exposure to or reliance on base metal credits to reduce operating costs;
Low-risk operations entirely in the Americas - approximately 75% of reserves are located in NAFTA countries;
Financial strength - unhedged with approximately $500 million in cash and equivalents estimated at year-end;
Market liquidity - over $50 million average daily trading volume with approximately $6 billion in pro forma market capitalization; and
Experienced management, with a culture of mining excellence and a proven track record of integrating acquisitions (Marwest Resources Ltd., Rayrock Resources Inc. and Francisco Gold Corp.) and building fundamental value.
"We believe that we are offering a full and fair price to Goldcorp shareholders along with the opportunity for them to share in the exciting upside at our projects. The value for our shareholders will come from our ability to drive performance and create value at Red Lake - something which we are very confident we can do and which of course Goldcorp shareholders will share in as well," added Mr. McArthur.

Glamis' financial advisors are Orion Securities Inc. Its legal counsel are Lang Michener LLP and Osler, Hoskin & Harcourt LLP in Canada, and Neal, Gerber & Eisenberg LLP in the United States.

Conference Call and Webcast.

Glamis will host a conference call and webcast presentation to discuss the Take-over Bid this morning at 10:00 am EST. You may join the call by dialing 1-866-216-9488 in the United States and Canada or internationally at 1-706-758-0297 and quoting Conference ID Number 2884430. A replay of the call will be available until January 15, 2005, by dialing 1-800-642-1687 in the United States and Canada, or internationally at 1-706-645-9291 and quoting Conference ID Number 2884430.

To connect to the simultaneous webcast presentation, participants should go to the Glamis Gold Ltd. website at http://www.glamis.com and click on the link on the main page.

Glamis Gold Ltd. is a premier intermediate gold producer with low-cost gold mines and development projects in Nevada, Mexico and Central America. The Company remains 100 percent unhedged. Glamis' current plan and budget reflects a near tripling of annual gold production to more than 700,000 ounces by 2007 at a total cash cost below $150 per ounce.

Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, include, but are not limited to those with respect to, the price of gold, the estimation of mineral reserves and resources, the realization of mineral reserves estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, Glamis' hedging practices, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", or "does not expect", "is expected", "budget", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variation of such words and phrases or state that certain actions, events or results, "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Glamis to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, possible variations in ore grade or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Other Considerations" in the Glamis Annual Information Form. Although Glamis has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

This press release does not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any of the securities of Glamis or Goldcorp. Such an offer may only be made pursuant to a registration statement and prospectus filed with the U.S. Securities and Exchange Commission and offer to purchase and circular filed with Canadian securities regulatory authorities. Glamis plans to file with the U.S. Securities and Exchange Commission a Registration Statement on SEC Form F-4, and expects to mail an Offer Circular and Prospectus to Goldcorp stockholders concerning the proposed business combination with Goldcorp. WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT, THE OFFER CIRCULAR AND PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC AND CANADIAN SECURITIES REGULATORY AUTHORITIES, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain the documents free of charge at the SEC's website, http://www.sec.gov. In addition, documents filed with the SEC by Glamis will be available free of charge from Glamis Investor Relations, 5190 Neil Road, Suite 310, Reno, NV 89502, telephone (775) 827-4600.

Email requests for investor packets to: info@glamis.com

Email questions/correspondence to: michaels@glamis.com

Glamis Gold Ltd. (TSX:GLG - News; NYSE:GLG - News)

16 Dez 2004 17:08

16.12.2004 17:00:26 Commodities News Summary

TOP NEWS
> Gold stalls in Europe as U.S. data boost dollar [nL16274120]

LONDON - Gold lost ground in Europe on Thursday after data showed a narrower than expected U.S. current account deficit, easing concern about the economy and boosting the dollar.

Spot gold eased to $439.05/439.80 per troy ounce by 1540 GMT, from $440.35/441.10 quoted late in New York on Wednesday.

- - - -

> Buba to announce gold sale decision in next days [nL16583701]

FRANKFURT - The Bundesbank, the world's second largest holder of gold reserves, is expected to announce in coming days whether it will go ahead with selling bullion over the next five years.

The German government is keenly interested in the Bundesbank's decision, as it hopes that proceeds from gold sales might help plug a persistent budget shortfall that has kept Germany above European Union deficit limits since 2002.

- - - -

> Brazil soy crop seen at record 63.24 mln T -IBGE [nN16154412]

RIO DE JANEIRO, Brazil - Brazil's 2004/05 (Oct/Sept) soybean crop was revised up to a record 63.24 million tonnes, from 63.1 million forecast in November, the government's IBGE statistics office said on Thursday.

In its second forecast for the new crop, the IBGE said that output would be 29 percent higher than last season.

- - - -

METALS > Consolidation in steel only just starting -Arcelor [nL16657127]

PARIS - Consolidation in the steel sector is only just beginning, with link-ups between steel makers a real possibility, Arcelor (/CELR.PA) Chairman Guy Dolle said on Thursday, in an interview with LCI television.

"Consolidation in the steel market is not over, it is only just beginning," he said.

- - - -

> Glamis to launch take-over bid for Goldcorp [nN16652962]

TORONTO - U.S.-based Glamis Gold Ltd. said on Thursday it plans to make a take-over bid for Canadian miner Goldcorp Inc.

The news sent shares of Goldcorp up C$2.16, or 12.6 percent, to C$19.26 and Glamis down C$1.50, or 6 percent, to C$22 on the Toronto Stock Exchange.

- - - -

SOFT COMMODITIES > India buyer sees 1.5-2.0 mln t sugar imports [nL16645089]

LONDON - India's sugar import requirement in 2004/05 is expected to be around 1.5 to 2.0 million tonnes, S.L. Jain, member secretary of the Indian Sugar Exim Corporation (ISEC), said on Thursday.

Jain, a leading buyer, estimated imports in 2003/04 at around 800,000 tonnes, in a telephone interview from India.

- - - -

GRAINS/OILSEEDS/LIVESTOCK > EU wheat sowings up, other grains down -analyst [nL15070821]

PARIS - French analyst Strategie Grains said on Thursday it expected the area sown with soft wheat in the EU-25 for the 2005 harvest to increase slightly but other grain sowings to fall from this year's levels.

In its first estimate of sowings for the 2005/06 season, Strategie Grains said it expected the EU soft wheat area to rise one percent from 2004 to 19.6 million hectares.

- - - -

> EU farm chief seeks draft WTO deal by end-2005 [nL16565404]

GENEVA - Trade negotiators should aim for a draft deal on reforming world agriculture by the end of next year, but it will be tough going, EU farm chief Mariann Fischer Boel said on Thursday.

Making her first visit to the World Trade Organisation (WTO) since taking office, the European Commissioner said an accord in time for a WTO ministerial meeting in Hong Kong in December 2005 would be a positive signal for the world economy.

- - - -

16 Dez 2004 17:09

16.12.2004 16:56:53 UPDATE 1-Gold stalls in Europe as U.S. data boost dollar

(Updates to afternoon)

LONDON, Dec 16 (Reuters) - Gold lost ground in Europe on Thursday after data showed a narrower than expected U.S. current account deficit, easing concern about the economy and boosting the dollar.

Spot gold eased to $439.05/439.80 per troy ounce by 1540 GMT, from $440.35/441.10 quoted late in New York on Wednesday.

The dollar rebounded sharply after the current account deficit was put at $164.71 billion for the third quarter -- a record, but narrower than the market's forecast of a $170 billion shortfall.

Investors had earlier sent the dollar to within half a cent of this month's record low against the euro on weaker than expected trade gap data from Wednesday, making dollar-priced gold more attractive for non-U.S. investors.

William Adams of TheBullionDesk.com said in a note on the data that the market seemed content for now to live with divergent signals.

"On the one hand the US economy seems to be strengthening and this is reflected in strong industrial commodity prices and a strong equity market," he said.

"However on the other hand, there are the well publicized issues that are threatening to derail US growth, notably the weaker dollar and the US deficits. These mixed signals do not seem to be worrying the broader market yet."

Dealers said that gold was looking well positioned to run higher in the longer term, as the price fall was fairly well contained despite the dollar recovery.

"I'm feeling a bit more friendly towards the (gold) market, but there is still a risk of it shifting lower," a dealer said, citing thinner liquidity ahead of year-end.

A fund source said that thinner volumes would not change the overall approach of so-called program dealing -- triggered by the market reaching certain key chart levels.

"We are aware of the (thin) Christmas liquidity, but as systematic traders (we) are not going to change our approach. So we'll buy and sell when we get the usual signals," the fund source said.

Spot silver eased back slightly to $6.78/6.81 from $6.82/6.86.

Platinum climbed to $843.00/847.00 from late New York's $837.50/842.50, while palladium gave way to selling pressure, sliding beneath support at $180 to $178.00/183.00 from $183.50/186.50.

Dealers suggested a test of $160, ahead of $160 in the coming sessions as the market seemed to be influenced more currently by a chronic supply surplus, with consumer buying seen coming in to arrest further slides.

16 Dez 2004 17:25

16.12.2004 17:23:58 Gold gibt nach Anstieg auf über 442 Dollar wieder nach

London, 16. Dez (Reuters) - Gold hat am Donnerstag nach weiterem Druck auf den Dollar in Europa zunächst etwas zugelegt, zum Handelschluss dann aber eine Spur unter dem Vortag gelegen. Auch Verkäufe im frühen Marktgeschehen haben den Aufwärtstrend nicht stoppen können. Ein nach besser als erwartet ausgefallenen US-Konjunkturdaten am Nachmittag ausgelöster Dollar-Anstieg versetzte Gold dann jedoch einen leichten Dämpfer.

Die Volumen seien, wie meist vor Jahresende, gering geblieben, so Händler. Fonds hielten nichtsdestotrotz am so genannten Program-Dealing, dem durch Erreichen oder Unterschreiten bestimmter Chartmarken ausgelösten Handel, fest.

Zum Handelsschluss in Europa lag die Feinunze Gold bei 439,05/439,80 Dollar und damit leicht unter dem Vortagesniveau von 439,55/440,30 Dollar. Zuvor war Gold bis auf 442,50 Dollar gestiegen.

Das zweite Fixing in London erfolgte bei 439,50 Dollar. Am Vormittag war Gold bei 441,25 gefixt worden und am Mittwochnachmittag bei 439,00 Dollar.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.180/16.430 (Vortag 16.035/16.285) sfr an.

ish/pma

16 Dez 2004 21:02

16.12.2004 20:34:35 NY gold ends below $440, palladium hits 16-mo. low

NEW YORK, Dec 16 (Reuters) - Gold futures ended lower on Thursday, as the beleaguered dollar rallied on data showing the third-quarter U.S. current account deficit was narrower that many had feared.

Palladium, used principally by auto makers in catalytic converters, plunged 4.5 percent amid softer industrial demand.

"The trade's been a seller in palladium throughout the last week," said a New York floor trader. "The recent speculative and commercial-house buying has simply vanished today."

At the New York Mercantile Exchange, March palladium fell $8.55 to settle at $179.05 an ounce, after inching up from a contract low of $177.50, which was palladium's lowest level on continuation charts since August 2003.

Spot palladium concluded at $175.50/181.50.

Traders said steady commercial selling could take that thinly traded market down to $165-$160 an ounce in the near-term.

Dealers pegged key medium-term support in palladium at $150 an ounce, with resistance seen up around $190.

Gold tumbled in light trading but stayed within its broad $435-$445 range, as the dollar climbed across the board.

February gold futures at the NYMEX's COMEX division lost $4.00 to end at $438.20 an ounce, after moving between $444.40 and $437.

The yellow metal has a role in financial markets as an alternative investment to the greenback.

"This is just dollar-related. It's thin conditions in gold," said a bullion trader at a bank.

Midafternoon in New York, the euro dropped to $1.3215 , sharply lower from $1.3413 late on Wednesday.

Gold would be vulnerable to more long liquidation if the dollar kept rising or if the funds decided to take further profits after the rally to a 16-year high at $458.70 last month.

The U.S. government said the shortfall in the current account widened to a record $164.71 billion, reflecting the U.S. consumer's seemingly insatiable appetite for imported goods.

Meanwhile, the German Bundesbank, the world's second-largest holder of gold reserves, is expected to announce in coming days whether it will go ahead with selling bullion over the next five years.

Spot gold hit $436.20/6.95, versus the last New York close at $440.35/1.10. The late London fix was $439.50.

Holdings of gold in the U.S.-listed exchange-traded fund streetTRACKS , which is backed by bullion, held at 91.13 tonnes for the sixth day in a row, as of Wednesday.

March silver went down 15.3 cents to $6.727 an ounce, trading $6.97 to $6.70. Spot slid to $6.68/72 versus $6.82/86 previously. The fix was at $6.7850.

NYMEX January platinum fell $3.00 to $839.10 an ounce. Spot platinum was worth $838.50/843.50.

17 Dez 2004 09:49

17.12.2004 08:12:00 Europe gold starts slightly up, palladium weak

* Spot gold begins European trading on a firmer note, rising to $438.75/439.50 a troy ounce by 0704 GMT, up from New York's late quote on Thursday of $436.20/436.95 an ounce. * Remains bound within $435-440 an ounce range, after better-than-expected current account data in the U.S. on Thursday bolstered the dollar. * Silver inches up to $6.71/73 from $6.68/6.72. * Platinum slips to $835.00/834.00 an ounce from New York's previous $838.50/843.50. * Palladium languishes just off a fresh 16-month low of $174.00 an ounce, trading at $176.00/181.00 versus New York's $175.50/181.50.

17 Dez 2004 10:00

17.12.2004 08:57:14 Tokyo gold down in line with spot, palladium sinks

TOKYO, Dec 17 (Reuters) - Tokyo gold futures dropped on Friday, sliding in line with falls in the dollar-based spot price that has been undermined by the dollar's slight recovery.

Many traders concentrated on lightening positions in gold ahead of the weekend as the spot price struggled to post strong gains throughout the week.

Palladium plunged on fund-led selling, reflecting sharp falls in New York the previous day on weak technical and fundamental trends, traders said.

"After seeing steep falls on fund-selling in New York, yen-based players dumped palladium, although basically investors don't have many positions in the metal," said Tatsuo Kageyama, an analyst at Kanetsu Asset Management.

The benchmark October palladium futures contract closed down 23 yen per gram at 603 yen.

It fell as low as 594 yen -- the lowest since May 2003.

Other contracts closed down 21 to 27 yen.

The spot dollar-based palladium, a metal used principally by auto makers in catalytic converters, plunged 4.5 percent in New York on Thursday amid softer industrial demand.

Traders said falling auto production in the United States in the fourth quarter also added bearish mood to fundamentals.

Benchmark TOCOM palladium futures had moved in a tight range of about 700-800 yen between mid-June and around start of December as the market lacked market moving factors.

In April, they peaked at 1,183 yen after Belgian metals group Umicore SA (/ACUMt.BR) said it had come up with a new technology that will allow for the use of more palladium in diesel emission control systems.

But the market had very few incentives to drive prices.

"On charts palladium looks extremely bad. Technical sales have increased, especially after the spot price fell firmly below $200," said Tadashi Hashimoto, general manager at Nissho Iwai Futures.

"The best thing to do now is not to touch palladium."

At 0732 GMT, spot palladium stood at $176/$181 per ounce compared with Thursday's late New York level of $175.50/$181.50.

Both platinum and gold came under pressure, although the market was more bullish about the outlook for the yellow metal.

"The market is in a position adjustment mode for gold, but looking at the trend of the spot price, yen-based gold should be supported," Nissho's Hashimoto said.

"Although we've seen yen-based gold put under some pressure this week, underlying sentiment is strong on the view that the dollar-based gold will stay strong," he said.

The key October TOCOM gold closed down 9 yen per gram at 1,479 yen. It had moved in a range of 1,476 to 1,481.

Other contracts closed down 4 to 10 yen.

Spot bullion was quoted at $437.75/8.50 an ounce against $436.20/$436.95 in New York.

Below are closing prices for TOCOM's most active precious metals contracts, with the day's turnover for each metal.

Closing prices are in yen per gram except for silver, which is in yen per 10 grams:

For open interest details please click

Closing price Turnover (lots)
GOLD 1,479 (down 9) 42,896
SILVER 226.4 (down 5.0) 3,970
PLATINUM 2,734 (down 16) 41,585
PALLADIUM 603 (down 23) 2,588

17 Dez 2004 14:27

17.12.2004 13:09:56 Europe gold firm, seen steady as investors return

LONDON, Dec 17 (Reuters) - Gold firmed quietly in Europe on Friday morning, with the market expected to stay in fairly tight ranges tied to currency moves as liquidity thins ahead of year end.

Spot gold stood at $438.25/439.25 per troy ounce by 1139 GMT, compared with $436.20/366.95 late in New York on Thursday.

"It looks like we should trade mainly sideways with a positive bias, investors seem to be coming back into the market slowly," one dealer said.

The dollar lost ground after a stronger-than-expected German business sentiment survey boosted the euro, but thin pre-holiday trade made moves erratic.The euro was last at $1.3288.

The U.S. currency had a volatile session on Thursday, coming within half a cent of last week's record low against the euro before rebounding on the back of a narrower-than-expected U.S. current account deficit.

Despite the slightly stronger data, most analysts believe worries about the United States' ability to finance its twin deficits are likely to keep the dollar under selling pressure -- boosting the allure of safe-haven gold.

Frederic Panizzutti, analyst at Swiss-based MKS Finance, said in a emailed note he did not expect any wide moves in gold ahead of year-end.

"As we move toward the year end...a 2004 close around 435.00 - 448.00 USD/ounce seems likely," he said.

"Nevertheless gold has been a great performer this year and the bull trend is now very well established."

Gold's three-year bull run picked up pace this year thanks mainly to the weak dollar, although heightened geopolitical tension and greater fund exposure to commodities has also played an important role.

The market on December 2 hit its highest since June 1988 at $456.75 before stepping back on fund profit-taking.

In other metals, palladium was steadier -- just off a fresh 16-month low of $174.00 as chronic oversupply led funds to liquidate positions.

Spot palladium was at $177.00/181.00 compared with $175.50/181.50 late in New York on Thursday.

"The outlook remains bleak for the industrial metal with continued pressure from funds/specs and seasonally slow industrial off-take still pointing to a test to $150-160 in the coming sessions," James Moore of TheBullionDesk.com said in daily report.

Platinum was steady at $838.00/842.00 from $838.50/843.50, while silver eased marginally to $6.67/6.70 from $6.68/6.72.

17 Dez 2004 15:01

17.12.2004 13:35:23 Silver fixes lower, Europe gold holds firm

* Silver fixes lower in Europe at 668.50 cents per ounce compared with previous fix at 678.50. Spot market flat at $6.68/6.70 from $6.68/6.72 late in New York on Thursday. * Silver forward rates on Reuters page indicated at 2.123, 2.080, 2.010, 1.838. * Spot gold firm at $438.25/438.75 a troy ounce by 1227 GMT, up from New York's late quote on Thursday of $436.20/436.95 an ounce. * Bullion seen in $435-440 an ounce range, tied to euro/dollar moves. Euro strengthens, last at $1.3271/74. * Platinum broadly steady at $838.00/842.00 from New York's previous $838.50/843.50. * Palladium languishes just off a fresh 16-month low of $174.00 an ounce, trading at $176.00/180.00 versus New York's $175.50/181.50.

17 Dez 2004 18:00

17.12.2004 18:00:05 Commodities News Summary

TOP NEWS
> Europe gold firm, seen steady ahead of year-end [nL17540647]

LONDON - Gold firmed quietly in Europe on Friday, trading in narrow ranges, with dealers predicting a similar pattern next week as liquidity thins ahead of year-end.

Spot gold stood at $437.40/438.15 per troy ounce by 1602 GMT, compared with $436.20/436.95 late in New York on Thursday.

- - - -

> France, Switzerland sell gold under cenbank pact [nL17454116]

LONDON - The Bank of France sold 8.1 tonnes of gold by the end of October this year under the Central Bank Gold Sales Agreement, the World Gold Council said on Friday, citing International Monetary Fund statistics.

It also identified Switzerland as a seller -- saying it had sold 23.6 tonnes of the metal by the end of October.

- - - -

METALS > COMEX copper rises after weak start on firm dollar [nN17399106]

NEW YORK - COMEX copper futures seesawed in a slim range Friday morning, climbing into positive territory after an early swing into the negative zone, as the market consolidated its week-long gains, traders said.

- - - -

> LME zinc hits five-year high, other metals pause [nL17382851]

LONDON - Zinc scored its highest level in five years in Friday's London Metal Exchange (LME) trade, buoyed by fund interest, although the rest of the complex took a pause from this week's rally.

Traders said liquidity was thin and seen waning further ahead of year-end holidays next week.

- - - -

> Dresdner sees gold at $420 in 2005, driven by dlr [nL17540416]

LONDON - Dresdner Kleinwort Wasserstein forecast the price of gold averaging $420 per ounce in 2005, citing expectations for a weaker dollar as doubts over economic recovery in the world's biggest economy persist.

- - - -

> Metals rally to peak in Q2 '05, then cool -Barcap [nL17315808]

LONDON - Base metals prices were seen rising on average another 10 percent in 2005, lower than average price gains of 40 percent this year, but still historically high, Barclays Capital said on Friday.

In its latest quarterly Commodities Refiner report, Barclays said physical market indicators remained constructive with low refined metal inventories, high freight rates and high premiums over LME cash prices.

- - - -

SOFT COMMODITIES > Ivory Coast arrivals seen down on year ago [nL1725900]

ABIDJAN - Cocoa arrivals at ports in Ivory Coast reached 351,910 tonnes between October 1 and December 12 this year, according to an estimate by major exporters on Friday.

That compared with 409,770 tonnes delivered to ports during the same period of the 2003/04 season, the industry data showed.

- - - -

> FEATURE-Mauritius turns canefields to golf resorts [nL1966617]

MEDINE, Mauritius - For centuries growing sugar has been a way of life for most people in Mauritius, but plans are afoot to strip the canefields for good and use the land to build resorts and lure foreign business.

Facing a cut of up to 37 percent in the price paid for its sugar by its main market, the European Union, the world's seventh largest exporter of the sweetener is reforming its industry in a bid to survive.

- - - -

GRAINS/OILSEEDS/LIVESTOCK > Cold spells seen threatening US winter wheat crops [nN17251080]

CHICAGO - Two cold air masses over the next seven days could threaten winter wheat crops in the U.S. Plains and Midwest, a private forecaster said on Friday.

- - - -

> CBOT wheat firm early on outlooks for cold weather [nN1724280]

CHICAGO - Chicago Board of Trade wheat futures were higher at mid-morning on Friday on talk of frigid weather next week in soft red wheat areas of the U.S. Midwest and mid-South, traders said.

"We have some cold air coming down from the Arctic, and it doesn't look like we're going to have sufficient snow cover. They're thinking it might have winterkill potential in central/southern Illinois and Missouri," said Dan Cekander, an analyst with Fimat Futures.

- - - -

17 Dez 2004 21:12

17.12.2004 21:00:10 NY gold ends higher, palladium hits 16-month low

NEW YORK, Dec 17 (Reuters) - U.S. gold futures closed higher on Friday but still in a broad range between $435 and $445 an ounce, as a soft dollar raised the metal's allure among global investors, dealers said.

In other precious metals, palladium trimmed earlier losses after hitting a 16-month low, helped by bargain hunting at cheaper prices and by gold's advance.

Palladium, used principally by auto makers in catalytic converters, is in ample supply while industrial demand has softened. Analysts said the price could test a low around $160 an ounce in the near-term.

"There's a lot of fund selling," said Rocky D'Esposito at RJ Futures. "There's no news out in palladium but I think the funds are starting to throw the towel in because the zing and the pop has left the market."

Prices of the thinly traded metal reached a high at $237 back in October when speculative buying in gold filtered into the rest of the precious metals complex as well.

At the New York Mercantile Exchange, March delivery palladium closed at $179.70 an ounce, up 65 cents, after hitting a contract low of $177 -- its cheapest on continuation charts since August 2003.

Spot palladium last traded to $176.50/182.50.

In gold, February futures at the COMEX division of the NYMEX rose $4.70 to $442.90 an ounce, after moving from $437.20 to $443.60. Estimated volume was 50,000 contracts.

"The market's turned around, and it's all off the dollar," said James Quinn, commodity commentator at AG Edwards & Sons. "The dollar got a bit weaker and the euro firmed up."

Quinn said gold should stick relatively close to the $440 area as long as the dollar maintained current levels.

Gold typically moves in opposition to the dollar as many investors use it as an alternative to the currency.

Dollar weakness, as well as geopolitical tensions and fears of inflation due to high oil prices, helped drive the price of gold futures to a 16-year peak on Dec. 2 at $458.70.

The dollar got hit by profit-taking Friday amid thin holiday season volume. The euro firmed to $1.3282.

U.S. consumer prices rose 0.2 percent in November, in line with forecasts. Excluding food and energy, prices rose 0.2 percent, also matching expectations.

Spot gold hit $440.90/441.65, versus New York's last close at $436.20/6.95. London's late fix was at $438.90.

COMEX March silver rose to $6.803 an ounce, up 7.6 cents, moving from $6.665 to $6.82. Spot was at $6.72/76 from $6.68/72 late Thursday. Friday's fix was $6.6850.

NYMEX January platinum lost $2.00 to $837.10 an ounce. Spot was worth $834.50/839.50.

21 Dez 2004 11:13

21.12.2004 08:50:19 Asia Gold-Holiday mood affects trade, premiums steady

SINGAPORE, Dec 21 (Reuters) - Physical gold trading has begun to slow in Asia as jewellers and investors prepare for the holidays, but last-minute year-end covering is supporting premiums, dealers said on Tuesday.

Gold bars were up to 20 U.S. cents an ounce higher than London spot prices in Hong Kong and 10 U.S. cents higher in Singapore, unchanged from last week's levels .

Elsewhere, political stability in Indonesia following a peaceful presidential election earlier this year and a weak dollar were expected to boost demand from Southeast Asia's largest gold buyer. Consumption may reach 90 tonnes in 2004, versus around 83 tonnes last year, said dealers.

"Factories have been talking about a 10 percent increase in output because of better demand. I would say demand for jewellery and investment could reach 90 tonnes this year," said one dealer in Jakarta.

Investors in Indonesia were buying more gold mainly because of worries of further increases in prices and high crude oil, and not because of fears of terrorist attacks, said dealers.

Gold's main commercial use is in jewellery and trinkets. It can also be sold for cash in times of trouble.

Dollar weakness, geopolitical tension and high oil prices -- which raises fears of inflation -- pushed gold to a 16-year high around $456.75 an ounce in early December.

"I don't think security is an issue. People believe it's good to invest in gold because of a weak dollar, which can further raise bullion prices. That's why people are keen to buy gold," said the Jakarta dealer.

Islamic militants from Jemaah Islamiah, seen as the regional arm of al Qaeda, have launched bomb attacks in recent years in Indonesia, hitting nightclubs in Bali, the JW Marriott Hotel in Jakarta and the Australian embassy in the capital.

Spot gold was trading at $442.40/443.20 an ounce by 0732 GMT, versus $441.90/442.70 last quoted in New York on Monday. Dealers expected a $440 to $445 an ounce trading range until the end of the year.

In Hong Kong, a key bullion trading centre in East Asia, dealers noted some buying interest in mainland China, but local demand for jewellery had subsided.

"I don't see much demand," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.

"People have already bought (gold) as Christmas approaches. You can't buy so much...wait for next year," he said.

Dealers expected China's demand for gold to rise around 15 percent in 2004 as the country liberalises its bullion market to boost demand for jewellery.

China, one of the world's top gold buyers, consumed 273 tonnes of gold for jewellery and investment in 2003, down 14 percent from 317 tonnes in the previous year, mainly due to the deadly SARS outbreak.

In Hong Kong, sales dropped by nearly two-thirds to five tonnes last year from 14 tonnes in 2002 as people avoided shopping and other public places during the severe acute respiratory syndrome outbreak.

21 Dez 2004 11:14

21.12.2004 09:38:19 TOCOM gold eases, spot provides some support

TOKYO, Dec 21 (Reuters) - Tokyo gold futures mostly eased on Tuesday, pressured by a firm yen, but investors were careful about selling the yellow metal too heavily due to firmness in the dollar-based spot price.

"Fund operators continued to show an interest in putting their money into gold as sentiment looked bullish, with the dollar still looking fragile," said Shuji Sugata, assistant manager at Mitsubishi Corp Futures Ltd.

"The yen's uptrend offsets gains made in the spot price, but basically yen-based gold should reflect bullishness of the spot price," he said.

The benchmark December gold contract on the Tokyo Commodity Exchange (TOCOM), which debuted on Tuesday, finished at 1,481 yen, the day's trough. The day's high was 1,484 yen.

That compared with the the previous benchmark's closing price of 1,484 yen on Monday.

Other months were either flat or fell by one to four yen.

Spot gold was fetching $442.30/3.10 an ounce at TOCOM's closing bell, compared with $441.90/2.70 last quoted in New York.

The dollar came under renewed selling pressure due to a persistent view that it will resume its slide.

The U.S. currency dipped to 103.90 yen compared with Monday's late New York level of 104.10 yen. It briefly rose above 106 yen more than a week ago.

Fund operators appeared to be slashing their positions in gold, but there was plenty of interest in buying gold.

The Commodity Futures Trading Commission's Commitments of Traders data issued after Friday's close showed the net fund long position in COMEX gold futures tumbled to 87,794 contracts as of Dec. 14, from 132,347 lots in the preceding week.

The figure was gold's lowest long exposure since late September.

"Sentiment is strong as the spot price holds around $440 despite seeing heavy selling by fund operators in recent weeks," Sugata said.

The new benchmark December platinum futures contract closed at 2,730 yen. That compared with Monday's closing price of 2,740 yen for the previous benchmark contract.

Spot platinum was at $843/848, up from New York levels of $839.50/844.50 an ounce.

TOCOM palladium rose sharply on corrective buying following plunges seen in the past two weeks.

December TOCOM palladium was at 615 yen per gram, while spot palladium was at $182/187 an ounce, compared with $180.50/186.50 in New York.

Below are closing prices for TOCOM's most active precious metals contracts, with the day's turnover for each metal.

Closing prices are in yen per gram except for silver, which is in yen per 10 grams: For open interest details please click

Closing price Turnover (lots)
GOLD 1,481 30,086
SILVER 227.9 2,947
PLATINUM 2,730 32,143
PALLADIUM 615 1,538

21 Dez 2004 12:43

21.12.2004 12:41:30 Gold holds steady in Europe, focus on dollar

LONDON, Dec 21 (Reuters) - Gold edged up in thin European trade on Tuesday, with further price rises expected on dollar weakness as business slowed ahead of the year-end, dealers said.

Spot gold stood at $442.00/442.75 an ounce by 1130 GMT, compared with $441.90/442.70 quoted late in New York on Monday.

The market was focusing on a narrowly traded U.S. currency for direction, with support also seen from Germany's decision on Monday to limit its gold sales next year.

The German central bank said it would sell just eight tonnes of gold in the first year of a five-year agreement among European central banks. The rest of its quota of 120 tonnes would be taken over by other euro zone central banks.

"The German news yesterday was quite bullish, but the dollar is steady at the moment and that is limiting gains," one dealer said.

"I don't see a great deal of movement beyond a $440-445 range," he added.

UBS Investment Bank analyst John Reade said the Bundesbank's decision was positive for the gold market.

"It is far from clear that the Bundesbank will sell meaningful quantities of gold under the ECBGA (European Central Bank Gold sales Agreement) of 2004," Reade said.

The dollar was trapped in narrow ranges as market participants continued to close out short dollar positions before the end-year holiday.

Dealers said the market was looking to Thursday's release of the U.S. Federal Reserve's favoured inflation gauge -- the core PCE (personal consumption expenditures) index -- which is expected to show a gain of just 0.1 percent in November.

That would keep year-on-year U.S. core inflation at 1.5 percent, in the middle of what is believed to be the Fed's preferred range.

Analysts said it was only a matter of time before the dollar resumed its fall, making gold more attractive to non-U.S. investors. The euro was last at $1.3395.

Silver rose slightly on gold's positive glow to $6.83/6.86 from $6.79/6.83 late in New York on Monday.

Platinum firmed to $840.00/844.00 from $839.50/844.50 previously, while palladium stood at $181.00/194.00 from $180.50/186.50.

Palladium prices remained under pressure after last week's drop to a 16-month low of $174, with dealers looking for the market to test support at $160.

21 Dez 2004 14:37

21.12.2004 14:27:01 FOKUS 1-Wirtschaft und Opposition stützen Bundesbank zu Gold

Berlin, 21. Dez (Reuters) - Die Bundesbank hat Unterstützung aus Wirtschaft und Opposition für ihre Weigerung erhalten, noch im laufenden Jahr Gold aus ihren Beständen zu verkaufen.

Es sei gut, dass die Bundesbank ihre Tresore verschlossen halte, erklärte der scheidende Präsident des Bundesverbandes der Deutschen Industrie (BDI), Michael Rogowski, am Dienstag in Berlin. Schon mit den Privatisierungen habe die Bundesregierung viel Tafelsilber verkauft, um Haushaltslöcher zu stopfen. Vom Gold jedoch solle sie die Hände lassen. Der stellvertretende Vorsitzende der Unions-Fraktion, Michael Meister (CDU), sagte, der Verkauf des Goldes ersetze nicht die notwendigen Reformen zur Haushaltskonsolidierung. Der FDP-Finanzexperte Carl-Ludwig Thiele forderte Bundesfinanzminister Hans Eichel auf, die Unabhängigkeit der Bundesbank zu akzeptieren. Bundeswirtschaftsminister Wolfgang Clement hingegen bekräftigte die Kritik an dem Verzicht der Bundesbank.

BUNDESBANK: KÖNNEN UNSERE VERKAUFSOPTION WEITER EINLÖSEN
Eichel hatte die Bundesbank gedrängt, noch im laufenden Jahr einen Teil ihrer Goldbestände zu verkaufen, war dabei aber auf Ablehnung gestoßen. Dies wiederum hatte der Finanzminister ungewohnt scharf kritisiert. Ein Sprecher der Bundesbank wies in der "Berliner Zeitung" darauf, hin, dass die Bundesbank auch nach dem Verzicht auf den Verkauf in diesem Jahr weiterhin die Option habe, bis 2009 insgesamt 600 Tonnen ihrer Goldbestände zu verkaufen. Ihr bleibe nach Ablauf des Jahres die Möglichkeit offen, den Verkauf der 600 Tonnen auf die restlichen vier Jahre zu verteilen. Entsprechend würde sich dann die Menge reduzieren, die die anderen Notenbanken des Euro-Systems verkaufen könnten, Insgesamt besitzt die Bundesbank 3440 Tonnen des Edelmetalls. Mit dem Erlös aus dem Verkauf hätte sich der diesjährige Gewinn der Bundesbank verbessert. Dieser fließt bis zu einer Obergrenze von 3,5 Milliarden Euro in den Bundeshaushalt des Folgejahres. Eichel hat für 2005 zwei Milliarden Euro an Bundesbank-Gewinnen eingeplant. Auch in Kreisen der Koalitionsfraktion gilt es als unwahrscheinlich, diesen Betrag ohne die Goldverkäufe zu erzielen.

"Ich halte die Entscheidung, um es klar zu sagen, für falsch", sagte Clement am Rande der deutsch-russischen Konsultationen in Schleswig. Die Verantwortlichen der Bundesbank müssten überlegen, was zum Vorteil Deutschlands sei. "Das Hocken auf den Goldreserven ist es jedenfalls nicht."

MEISTER: HAUSHALT IM VERMITTLUNGSAUSSCHUSS ÜBERARBEITEN
Weil sich der eingeplante Milliarden-Gewinn der Bundesbank nicht ohne Goldverkäufe erzielen lasse, drohe ein weiteres Haushaltsloch in Eichels Etat, sagte Meister. "Der Verkauf von Tafelsilber ist keine nachhaltige Konsolidierung der Staatsfinanzen." Der Finanzminister solle nun die anstehenden Verhandlungen über den Etat 2005 nutzen, um ihn vollständig zu überarbeiten. Der Vorsitzende der CSU-Landesgruppe im Bundestag, Michael Glos, erklärte, die Goldreserven hätten eine wichtige Funktion, indem sie das Vertrauen in die noch junge europäische Gemeinschaftswährung stärkten.

Thiele warf Eichel vor, nach immer neuen Geldquellen zu suchen, um seinen Haushalt in den Griff zu bekommen. Eichels Haushalte seien seit Jahren auf Sand gebaut: "Doch dafür kann die Bundesbank nichts. Eichel muss lernen, dass er die Unabhängigkeit der Bundesbank zu respektieren hat."

gwb/kps

21 Dez 2004 14:39

21.12.2004 13:28:55 Silver fixes up, Europe gold steady in thin trade

* Silver fixes higher on Tuesday at 685.00 cents an ounce from previous fix at 681.00 cents. Spot edges up to $6.83/6.86 by 1211 GMT from late New York's $6.79/6.83.

* Silver forward rates on Reuters page at 2.123, 2.082, 2.013 and 1.850 for one,three, six and 12 months respectively.

* Spot gold broadly steady in Europe at $441.80/442.60 per troy ounce by 1211 GMT, from $441.90/2.70 late in New York on Monday.

* Bullion moves in tight ranges tied to dollar/euro moves, with liquidity thin ahead of end-year holiday.

* Platinum rises slightly to $840.00/844.00 from $839.50/844.50 previously, while palladium stands at $180.00/185.00 from $180.50/186.50.