Rohstoffnews

24 Nov 2004 08:47

24.11.2004 08:11:43 Tokyo gold rises as weak dollar supports bullion

TOKYO, Nov 24 (Reuters) - Tokyo gold futures rose on Wednesday as firmness in the spot bullion market drew steady buying of yen-based gold from fund operators, traders said.

The benchmark October gold contract on the Tokyo Commodity Exchange (TOCOM) closed up five yen per gram at 1,492 yen from Monday's settlement. It had moved in a range of 1,489 to 1,493 yen.

Other contracts closed up four to nine yen.

Gold also received support as the dollar slumped against major currencies.

"Gold gained safe-haven buying as the dollar stayed bearish," said Koji Suzuki, manager at Star Futures Securities. "Gold would be supported and provide support to other precious metals as long as the dollar is weak."

Tokyo markets were closed for a public holiday on Tuesday.

Spot gold was supported, although traders were reluctant to buy actively from present levels having seen stiff resistance just below $450 per ounce.

As of 0630 GMT, spot gold stood at $447.40/90 per ounce compared with $447.55/8.30 in late New York on Tuesday.

Bullion peaked at a fresh 16-1/4-year high of $449.50 on Tuesday.

The dollar was quoted at $1.3095/98 against the euro at 0630 GMT, not too far from the record low of $1.3108 set on Tuesday.

The U.S. currency stood at 103.56/60 yen , little changed from late U.S. level on Tuesday but off the four-year low of 102.70 hit on Friday.

Traders said gold has been supported by purchasing by suppliers, who were actively buying back physical supplies to unwind their hedge positions in the futures market.

In addition, gold has benefitted from the launch of a gold-backed exchange-traded-fund (ETF) in the United States last week, traders said.

A recently launched gold-backed ETF attracted $419 million in its first three days of trading, bringing its total assets to $1.3 billion, a research company said on Tuesday.

The ETF, called streetTRACKS Gold Shares , attracted $589 million last Thursday, the first day it was offered to the public, and an additional $241 million on Friday, said Santa Rosa, California-based TrimTabs Investment Research.

Platinum posted solid gains on active bargain-hunting from end-users.

The market appeared to have overcome a depressing Johnson Matthey forecast last week, which projected that supplies of the metal would exceed demand in 2005 for the first time in several years, traders said.

"The market was relieved after seeing plenty of bargain-hunting by end-users," Suzuki said.

"Although sentiment for platinum is not overly strong, it should follow the bullishness of gold," he said.

The key October platinum contract closed up 20 yen per gram at 2,770 yen. It had moved in a range of 2,757 to 2,789.

Other contracts closed 16 to 32 yen higher.

Traders said bargain-hunting emerged when the key contract fell to a near four-month low of 2,728 yen on Monday.

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 1,492 (up 5) 42,456
SILVER 250.5 (down 0.8) 2,671
PLATINUM 2,770 (up 20) 49,086
PALLADIUM 718 (up 3) 884

24 Nov 2004 13:26

24.11.2004 12:43:28 Europe gold seen aiming for $450, eyes euro/dollar

LONDON, Nov 24 (Reuters) - Gold rose on Wednesday as traders established positions ahead of the U.S. Thanksgiving holiday on Thursday and prepared for another charge at key resistance of $450 -- a fresh 16-1/4 year peak.

By 1130 GMT, spot gold was quoted at $449.00/449.75 per troy ounce, up from New York's late quote on Tuesday of $447.55/448.30.

Bullion scored a fresh 16-1/4 year high on Tuesday of $449.50, the highest since July 1988.

Traders said that although gold would be dominated by book-squaring of the Thanksgiving holiday, focus would remain on the euro , which was holding steady near record highs against the dollar around $1.3155.

"It's an early close today on the COMEX so funds may decide to square their positions slightly ahead of the holiday," one trader said.

Analysts said COMEX option expiry passed off without incident on Tuesday with gold at about $448 per troy ounce at expiry. They were not expecting Wednesday's London OTC expiry to have a big impact on the market.

"The expiry will be large but strikes are less concentrated at specific levels than in the COMEX options market," John Reade, analyst at UBS Investment Bank said in a daily report.

Analysts said investors would probably be reluctant to push gold much beyond Tuesday's high, although they expected a break higher in the euro/dollar rate in the next few hours would determine bullion's next move.

"The next key level would be $452.00 per ounce where some profit taking could result in an upside momentum loss," Frederic Panizzutti, from MKS Finance said.

But a downturn would be shortlived, he added.

"The next wave of buying in this buoyant market could follow shortly after this profit taking and the next target on the upside could be as high as $500 over the coming months," he said.

Speculative exposure remained at high levels in bullion on New York's COMEX market, with a growing risk of sharp drops ahead of the year's end.

Traders were also waiting for data including four-week jobless numbers and durable goods data for October, both due at 1330 GMT, October home sales at 1400 GMT and the University of Michigan's consumer sentiment reading for November at 1445 GMT.

Dealers pegged support at $440.00, ahead of $436.00.

Speculators were driving silver on Wednesday, with the metal seen targeting a broad range of $7.43-7.63.

Spot silver was last quoted at $7.54/7.57, little changed from $7.53/7.56 late in New York.

Spot platinum was quoted at $857.00/861.00, up from $851.00/855.00, while palladium was steady at $213.00/217.00.

24 Nov 2004 13:39

24.11.2004 13:36:44 Silver fixes slightly lower, gold shy of $450

* Silver fixes slightly lower at 756.00 cents per ounce compared with previous fix at 756.50 cents. Spot silver ticks up to $7.54/7.57 an ounce by 1211 GMT from $7.53/7.56 quoted late in New York on Tuesday. * Silver forward rates on Reuters page indicated at 1.962, 1.930, 1.910 and 1.628 for one, three, six and 12 months respectively. * Gold hovers at $448.50/449.25 an ounce, below 16-1/4 year high of $449.50, up from the New York close of $447.55/448.30. * Bullion seen targeting resistance at $450 as euro/dollar at 1220 GMT around 1.3148, near record 1.3167. * Platinum up at $857.00/861.00 an ounce versus New York's close of $851.00/855.00. * Palladium flat at 213.00/217.00 from $213.00/219.00 an ounce.

24 Nov 2004 16:38

24.11.2004 16:28:28 NY gold gains but stays below $450 as rollover in focus

NEW YORK, Nov 24 (Reuters) - U.S. gold futures gained ground Wednesday on a soft dollar but held below $450 an ounce and its 16-1/4-year peak as dealers were busy with contract rollover before the four-day U.S. holiday weekend.

By 10:11 a.m. EST (1511 GMT), December delivery gold on the New York Mercantile Exchange's COMEX division was up $1.10 at $449 an ounce, trading from $447 to $449.50

COMEX and NYMEX markets will be closed Thursday and Friday in observance of Thanksgiving Day.

Futures on Tuesday climbed to $449.90 which marked the highest price for COMEX benchmark gold since July 1988, as the dollar fell against the euro.

Volume was heavy as players switched positions in December gold into February futures and, to a lesser extent, June gold, before next week's first notice day for December delivery. But the market lacked the punch needed to break above stiff nearby selling resistance.

"Gold is holding back. It's been struggling to break that $450 gap, and it looks like the trade has been keeping pressure on this," a floor broker said.

"We're waiting for this thing to explode, maybe after the rollover, to above $450 and then maybe we'll try $460 to $465," he added.

The dollar on Wednesday had a negligible reaction to U.S. economic data after hitting a record low against the euro at $1.3167.

Dollar weakness boosts dollar-denominated gold as it arms overseas investors with greater bullion purchasing power.

Data showing U.S. durable goods orders slipped by 0.4 percent in October against an expected 0.5 percent rise had little effect on markets.

"Gold still appears set to test higher with the main thrust of support coming from the dollar's weakness as well as concerns about growth and geopolitical tensions," TheBullionDesk.com said in a report.

Spot gold was quoted at $448.35/449.10 versus Tuesday's late level in New York at $447.55/8.30. The Wednesday afternoon fix in London was at $448.60.

December silver gained 3.5 cents to $7.59 an ounce, trading $7.54 to $7.63. It hit a seven-month high of $7.75 last week. Spot silver rose to $7.56/59 from $7.53/56 previously. London's fix was $7.56.

January platinum was up $3.60 to $860.50 an ounce. Spot platinum traded at $858.00/862.00.

December palladium slipped 70 cents to $216.50 an ounce. Spot palladium fetched $214.00/218.00.

24 Nov 2004 18:40

24.11.2004 18:34:59 Gold scheitert erneut an 450-Dollar-Hürde

London, 24. Nov (Reuters) - Der Goldkurs ist am Mittwoch in Europa erneut am Widerstand bei 450 Dollar gescheitert, obwohl ein weiter sinkender Dollar Unterstützung lieferte. Händler gehen jedoch von einem baldigen Überwinden der Marke aus. Schon am Vortag war Gold bis auf 449,50 Dollar gestiegen und hatten danach wieder gedreht.

Fonds hätten vor dem verlängerten Wochenende in den USA, wo am Donnerstag Thanksgiving gefeiert wird, Positionen glatt gestellt und Gewinne mitgenommen, so Händler. Der Markt werde sich Anfang kommender Woche wohl volatil zeigen, aber der Aufwärtstrend dürfte intakt bleiben. An der Futur-Börse COMEX in New York hielten sich hohe spekulative Positionen, die das Risiko eines starken Falls vor dem Jahresende erhöhten.

Der nächste Widerstand liegt Frederic Panzzutti von MKS Finance zufolge bei 452 Dollar; dort könnte es zu Gewinnmitnahmen kommen.

Zum europäischen Handelsschluss notierte die Feinunze Gold bei 448,75/449,50 Dollar nach 448,15/448,90 Dollar am Vorabend. In London erfolgte das Fixing am Nachmittag bei 448,60 Dollar nach 448,65 Dollar am Vormittag und 448,15 Dollar am Dienstagnachmittag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.448/16.702 (Vorabend 16.578/16.828) sfr an.

ish/par

24 Nov 2004 21:08

24.11.2004 20:37:12 NY gold ends up near $450/oz; busy rollover trade

NEW YORK, Nov 24 (Reuters) - Gold futures gained but ended below $450-an-ounce resistance on Wednesday, as dollar weakness supported prices near 16-1/4-year highs while dealers busily switched futures contracts before the Thanksgiving holiday.

Benchmark December delivery gold on the New York Mercantile Exchange's COMEX division finished at $449.30 an ounce, up $1.40, after trading from $447 to $449.50.

February 2005 gold settled up $1.30 at $451.50.

Volume was extremely heavy as traders transferred positions from December gold into February futures and, to a lesser extent, June gold, before next week's first notice day for metal delivery.

Estimated turnover was a staggering 290,000 contracts, with 80,215 switches.

COMEX and NYMEX markets will be shut on Thursday and Friday in observance of Thanksgiving Day.

Persistent trade selling at the highs prevented the market from breaking above stiff resistance at $450 in the nearby December contract, dealers said, even as gold got a boost from the dollar's fall to a fresh all-time low versus the euro.

"I'm leery that they haven't gotten it above $450, which leads me to believe there are probably some stops (stop-loss sell orders) filling in underneath," one floor trader said.

"If the trade really wants to whack it, maybe they can and touch off some stops on the downside."

However, many market watchers still expected gold will soon be able to explode above that psychological $450 level and possibly test next resistance at $460 to $465 an ounce.

"Gold still appears set to test higher with the main thrust of support coming from the dollar's weakness as well as concerns about growth and geopolitical tensions," TheBullionDesk.com said in a report.

December futures on Tuesday touched $449.90 which marked the highest price for COMEX benchmark gold since July 1988.

Technical support in gold was seen at $440, brokers said.

The greenback on Wednesday had a negligible reaction to a batch of mixed U.S. economic data after it hit a fresh record low against the euro at $1.3167.

Dollar weakness boosts dollar-denominated gold as it arms overseas investors with greater bullion purchasing power.

Spot gold last priced at $448.75/449.50, which was above Tuesday's late level in New York at $447.55/8.30 and the Wednesday afternoon fix in London at $448.60.

December silver settled at $7.613 an ounce, up 5.8 cents, trading $7.54 to $7.63. Next active March 2005 futures finished at $7.667.

Spot silver fetched $7.58/61, compared with $7.53/56 previously. London's fix was $7.56.

NYMEX January platinum gained $5.50 to end at $862.40 an ounce. Spot platinum reached $857.50/862.50.

December palladium retreated $3.20 to close at $214 an ounce. Next active March ended at $216.40. Spot palladium stood at $214.00/218.00.

25 Nov 2004 08:33

25.11.2004 08:16:42 Gold sets fresh 16-1/4 year high of $450/oz

LONDON, Nov 25 (Reuters) - Spot gold hit a new 16-1/4 year high of $450.00 a troy ounce in early European trading on Thursday.

At 0722 GMT gold had fallen back to $449.50/450.25 in illiquid trading conditions due to the U.S. Thanksgiving holiday.

The market had been flirting with $450 resistance during Asian trade but persistent selling had kept a lid in prices, traders said.

25 Nov 2004 09:11

25.11.2004 08:47:23 Tokyo gold down on strong yen; platinum off high

TOKYO, Nov 25 (Reuters) - Tokyo gold futures fell slightly on Thursday as a stronger yen induced sporadic profit-taking, but underlying sentiment stayed bullish on the back of steady dollar-based bullion prices.

Yen-based gold on the Tokyo Commodity Exchange (TOCOM) couldn't draw strong bids, however, as spot bullion

failed to break through a 16-¼ year high of $450 an
ounce, traders said.

Many investors outside Japan were also hesitant to build up positions ahead of the U.S. Thanksgiving holiday, they said.

"Although the yen's strength has pressured yen-based gold, sentiment is strong as investors are constantly showing interest in putting their money into gold," said Akira Doi, director at Dai-ichi Commodities Co. Ltd.

The October gold contract closed down 6 yen per gram at 1,486 yen. It had moved in a range of 1,486 to 1,490 yen.

Other contracts closed down two to six yen.

As of 0630 GMT, spot gold stood at $449.40/90 an ounce, compared with $448.75/9.50 last quoted in New York on Wednesday. The spot price rose as high as $449.75 in Asia.

Traders said gold should stay bullish as long as the dollar remained under pressure.

"Investors are choosing gold as all of the currencies -- the dollar, the euro and the yen -- look unattractive," said a manager at a Japanese trading house.

"The dollar is weak due to the growing U.S. twin deficits and you really can't buy the euro or the yen heavily because the growth rates in Europe and Japan are not high enough to convince investors."

The manager at the trading house said the market would test gold above $450 after Thanksgiving.

He said the price is expected to be solid around $440 as plenty of bargain-hunters were eagerly waiting to buy the yellow metal on dips.

At 0630 GMT, the dollar was at $1.3181/86 against the euro , compared with $1.3186 in late New York trade.

The U.S. currency hit a record low of $1.3190 against the euro in early Asian trade.

The dollar was at 102.79/84 yen after grinding down to a four-and-a-half year low of 102.56 yen on Wednesday.

TOCOM platinum was off highs, but supported by Japanese investors' purchases.

They were detected shifting some money out of gold into the white metal aiming to get a higher return as gold failed to break through highs, traders said.

Bargain-hunting emerged after finding solid support around a near four-month low of 2,728 yen hit on Friday.

Underlying sentiment for platinum was bearish after London-based refiner Johnson Matthey projected last week that supplies of the metal would exceed demand in 2005 for the first time in several years, traders said.

The October platinum contract closed up six yen per gram at 2,776 yen. It had moved in a range of 2,752 to 2,789.

Other contracts closed 17 yen down to five yen up.

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 1,486 (down 6) 35,102
SILVER 249.4 (down 1.1) 3,084
PLATINUM 2,776 (up 6) 45,476
PALLADIUM 714 (down 4) 478

25 Nov 2004 13:36

25.11.2004 13:29:59 Silver fixes higher, gold seen targeting $455

* Silver fixes higher at 769.00 cents an ounce compared with previous fix of 756.00 cents. Spot silver rides up on back of gold to $7.66/7.69 an ounce by 1211 GMT from $7.58/7.61 quoted late in New York on Wednesday. * Silver forward rates on Reuters page indicated at 1.952, 1.950, 1.910 and 1.646 for one, three, six and 12 months respectively. * Gold soars to $452.25/452.75 by 1200 GMT, after hitting new 16-1/4 year high of $452.75 on Thursday, last seen in June 1988 and up from New York's late close of $448.75/449.50. * Bullion seen targeting resistance at $455 as euro sits firm at 1.3223 by 1215 GMT, near all time highs against the dollar of around 1.3237 set on Thursday. * Platinum up at $857.00/861.00 an ounce versus New York's close of $857.50/862.50. * Palladium edges down to $213.00/217.00 from $214.00/218.00 an ounce.

26 Nov 2004 10:43

26.11.2004 09:27:04 Tokyo gold lifted by bullion as dlr hits record low

TOKYO, Nov 26 (Reuters) - Tokyo gold futures posted solid gains on Friday, tracing a rise in the spot bullion price as the dollar fell to another record low against the euro, which drew demand by yen-based investors for the yellow metal.

Although the yen's uptrend has somewhat slowed the advance in yen-based gold futures on the Tokyo Commodity Exchange (TOCOM), investors were keen to build positions in gold reflecting the strong upswing in the spot price .

"Yen-based gold ignored the strength of the yen, and focused more closely on the strong spot price," said Tatsuo Kageyama, analyst at Kanetsu Asset Management.

"The market is paying attention to the dollar's moves to determine trends for gold," Kageyama said.

The October TOCOM gold contract closed up 9 yen at the session high of 1,495 yen per gram.

Other contracts closed up 5 to 10 yen.
Spot gold hit a fresh 16-¼ year high of $455 per ounce in
early European trade as sentiment turned increasingly brighter
after the spot price broke through closely watched resistance at
$450 per ounce on Thursday.

At 0750 GMT, spot gold was quoted at $454.00/4.75 per ounce, compared with a European close of $451.50/2.25 on Thursday. COMEX and NYMEX markets were closed on Thursday and will be closed on Friday for the U.S. Thanksgiving holidays.

Traders said the spot price would test above $460 and towards $500 in the longer term, which should encourage more investors and fund operators to increase positions in yen-based gold.

The distant TOCOM gold contract was facing stiff resistance at 1,500 yen, but a decisive break above that level would spur active short-covering and intensify the upswing in the price.

Gold is expected to attract investor interest as long as the dollar stays bearish.

The dollar fell to a record low against the euro of $1.3330. Against the yen it droppped to its lowest level since March 2000 at 102.15 yen , though a prominent electronic platform had quoted it at 102.01 yen.

Platinum was unable to benefit, despite the gains in gold, as a bearish market outlook continued to put pressure on prices.

Sentiment for platinum has been undermined since London-based refiner Johnson Matthey projected last week that supplies of the metal would exceed demand in 2005 for the first time in several years.

The refiner said in a report that platinum was expected to trade between $760 and $880 over the next six months.

"The trend for platinum has been weak since the Johnson Matthey report and as the spot price is already near the higher end of the projection, the market was careful about buying platinum from present levels," Kageyama said.

The October platinum contract fell 2 yen per gram to 2,774 yen. It had moved in a range of 2,756 to 2,781 yen.

Other contracts closed up 1 to 10 yen, except for prompt December which closed down 4 yen.

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 1,495 (up 9) 56,836
SILVER 254.6 (up 5.2) 5,285
PLATINUM 2,774 (down 2) 34,897
PALLADIUM 710 (down 4) 509

29 Nov 2004 09:22

29.11.2004 08:50:22 TOCOM gold ends mixed on softer spot mkt, yen dip

TOKYO, Nov 29 (Reuters) - Tokyo gold futures finished narrowly mixed on Monday, capped by a retreat in the spot market from a 16-year high, but gaining support from a slightly weaker yen against the dollar, brokers said.

The benchmark October 2005 gold contract on the Tokyo Commodity Exchange (TOCOM) settled down one yen per gram at 1,494, after moving within the tight range of 1,492 and 1,495.

Other months were flat to one yen higher at the close.

"The Tokyo market came under pressure as the spot market lost about $4 from Friday's peak," a Tokyo broker said. "But in light of a softer yen, there were no aggressive sellers."

Spot gold was quoted at $451.00/451.75 an ounce at 0630 GMT, compared with $451.00 at London afternoon fixing on Friday. Gold jumped to $455 an ounce in early London trading on Friday, its highest in more than 16 years, on the back of the dollar's weakness against major currencies.

New York's precious metals markets were closed on Thursday and Friday for the U.S. Thanksgiving holidays.

Gold has been buoyant as investors have shifted money to the safe-haven metal from dollar-based financial assets amid the dollar's downward trend, traders said. Spot gold would test above $460 and towards $500 in the longer term, which should encourage more investors and fund operators to increase positions in yen-based gold, they said.

TOCOM's benchmark gold contract is expected to test resistance at 1,500 yen in the near-term, and its decisive break above that level would spur active short-covering and intensify the upswing in the price, they said.

In the currency market, the dollar hovered near a record low against the euro and a 4-1/2-year low against the yen on Monday as the U.S. currency remained vulnerable to worries about major central banks trimming dollar assets.

But profit-taking on short positions gave a small lift to the dollar, which has shed nearly 9 percent against the euro and the yen in two months.

At 0630 GMT the dollar was 102.79/82 yen , up from Friday's 102.15 yen, the lowest since March 2000.

Against the euro , the dollar was at 1.3265/70. On Friday, the dollar hit a record low versus the euro of $1.3330.

In the platinum market, TOCOM's benchmark October contract ended six yen per gram lower at 2,768, after trading between 2,758 and 2,773.

Spot platinum was quoted at $860.00/865.00 an ounce at 0630 GMT, compared with Friday's London afternoon fixing at $862.00.

Sentiment for platinum has been undermined since London-based refiner Johnson Matthey projected last week that supplies of the metal would exceed demand in 2005 for the first time in several years.

The refiner said in a report that platinum was expected to trade between $760 and $880 over the next six months.

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 1,494 (down 1) 43,752
SILVER 251.7 (down 2.9) 3,899
PLATINUM 2,768 (down 6) 32,318
PALLADIUM 708 (down 2) 1,156

29 Nov 2004 13:35

29.11.2004 13:33:34 Silver fixes down, gold falls ahead of NY open

* Silver fixes lower at 765.00 cents a troy ounce on Monday, against Friday's fixing at $767.00. Spot silver falls to $7.65/7.67 by 1210 GMT from Europe's previous late quote of $7.67/7.70. * Silver forward rates on Reuters page indicated at 2.010, 1.992, 1.928 and 1.672 for one, three, six and 12 months respectively. * Gold retraces lower to $450.25/451.00 compared with Europe's late close of $452.25/453.00, after spiking to fresh 16-1/4 year high on Friday of $455. * Bullion eyes return of U.S. investors, market anticipates further drop below $450. * Euro hovers at around $1.3257, off record high of $1.3329. * Platinum down to $859.00/863.00 against Europe's late close of $862.00/867.00. * Platinum edges down to $210.00/216.00 versus $212.00/215.00.

29 Nov 2004 13:50

29.11.2004 13:05:15 Europe gold off peaks ahead of U.S. re-opening

LONDON, Nov 29 (Reuters) - Gold slipped from last week's 16-year highs on Monday as the dollar steadied and traders prepared for a possible drop below $450 an ounce as U.S. investors returned after the Thanksgiving holiday, dealers said.

By 1140 GMT, spot gold was at $450.50/451.25 compared with Friday's European close of $452.25/453.00.

Gold, seen as a hedge against dollar weakness, had spiked to its highest since June 1988 at $455 in Friday's early trade as the dollar reached a record low against the euro at $1.3329.

With U.S. markets set to re-open later on Monday after Thanksgiving holidays on Thursday and Friday, traders saw a temporary bias to the downside.

"We're looking to see gold retrace back to Wednesday's New York close levels, around $448.75 perhaps," one trader said.

He added the market would still be watching the dollar, which remained weak against the euro around $1.3257.

Signs China is in no rush to let its currency appreciate against the dollar gave some support to the greenback, which has shed nearly nine percent against the euro in the past two months.

"After Friday's rally in both, gold and the euro, some profit-taking is currently in the market, which obviously limits the upside," Dresdner Kleinwort Wasserstein's Alexander Zumpfe said.

Dealers put support at $450, with resistance seen at $460. Trade was expected largely to remain in a $5 range.

Gold might have more room to rise next year, but remained vulnerable in the short term to sharp falls because of the high exposure of speculators on the New York futures market.

"Despite the fact that we remain optimistic that the metal hasn't seen its highs yet, we can only repeat that it is currently vulnerable to profit taking by speculators," Zumpfe said in his daily report. Silver followed gold and was last quoted at $7.63/7.66 compared with $7.67/7.70 late in Europe on Friday.

Platinum was lower at $859.00/863.00 against $862.00/867.00, with palladium at $210.00/214.00 against £212.00/215.00.

© Reuters 2004

29 Nov 2004 16:59

29.11.2004 16:49:32 NY gold jumps to 16-1/4-year high on U.S. reopen

NEW YORK, Nov 29 (Reuters) - U.S. gold futures climbed to a 16-1/4-year peak above $450 an ounce on Monday, as the market caught up with bullion prices following last week's U.S. Thanksgiving holiday, while silver reached a seven-month high on trade buying in New York, dealers said.

December delivery gold on the New York Mercantile Exchange's COMEX division was up $2.50 at $451.80 an ounce by 10:32 a.m. EST (1532 GMT), after earlier rising as high as $452.10, which marked the loftiest level for futures since July 1988.

February gold gained $2.60 to $454.10, boosted by rollover from the December contract before Tuesday's first notice day for metal delivery.

Gold's price finally broke above resistance at $450 after repeated failures at that level, following action in overseas markets on Friday, when U.S. markets were closed for a long holiday weekend.

Bullion on Friday rose to a 16-1/4-year high at $455 and the euro reached a record at $1.3329.

Standard Bank said in a market note that gold was looking attractive to investors against a backdrop of a declining dollar, rising oil prices and heightened geopolitical tensions.

"We could be looking to another rally to break above $455 (and) a successful move out of this current range could set the market on course to $465 in the short term," Standard Bank said.

According to an informal poll of London analysts released on Friday, gold was destined to reach $500 an ounce in 2005 on expectations of further dollar weakness, but may correct lower first.

Spot gold traded at $451.00/1.75, compared with Europe's close Friday at $452.25/3.00. Monday's afternoon fix in London was at $451.25.

Even though the euro dipped to around $1.3267 by midmorning on Monday, commercial players were supporting the precious metals, dealers said.

A higher euro makes dollar-priced gold cheaper for non-U.S. buyers.

"A couple of trade houses came in here as good buyers this morning," said a silver floor broker. "It was actually a lack of selling that initially pushed this thing up."

December silver rose 10.2 cents to $7.715 an ounce, trading from $7.605 to $7.78, the highest since April. Next-active March futures gained 10.3 cents to $7.77.

Spot silver was up at $7.69/72 from $7.67/70 previously. London's fix was at $7.65.

January platinum rose $1.60 to $864 an ounce. Spot platinum traded to $859.00/863.00.

December palladium lost $2.50 to $211.50 an ounce. Next active March fell $1.80 to $214.60. Spot palladium held at $210.00/215.00.

29 Nov 2004 17:08

29.11.2004 17:07:02 UPDATE 1-Europe gold off peaks, steadies on U.S. open

(Updates to afternoon)

LONDON, Nov 29 (Reuters) - Gold slipped from last week's 16-year highs on Monday in Europe, reflecting U.S. investor profit-taking after the New York futures market re-opened following Thanksgiving holidays, traders said.

Although traders were prepared for a possible drop below $450 an ounce by the end of the day, they remained confident bullion's rally was still intact.

By 1525 GMT, spot gold was at $451.45/452.20 compared with Friday's European close of $452.25/453.00.

Gold, seen as a hedge against dollar weakness, had spiked to its highest since June 1988 at $455 in Friday's early trade as the dollar reached a record low against the euro at $1.3329.

"It's the first day back after the U.S. holidays, and traders are still taking everything in, but really very little has changed and the U.S. currency is still the main driver," Simon Weeks, director, bullion at ScotiaMocatta said.

The dollar gained slightly on Monday as traders turned their attention towards U.S. economic reports due later in the week, but stayed weak against the euro around $1.3274.

Signs China was in no rush to let its currency appreciate against the dollar gave some support to the greenback, which had shed nearly nine percent against the euro in the past two months.

Analysts said that although gold's rally still had more to show because of the weak dollar, it remained vulnerable in the short term to sharp falls because of the high exposure of speculators on the New York futures market.

But with no clear signs of U.S. intervention to prop up the U.S. currency, all expectations were that bullion's bull run would remain intact, and a downturn -- if any -- would be shortlived.

"A test higher seems increasingly certain, with Barclays FX Strategy team noting that near-term central banks comments are unlikely to shift in a U.S. dollar-positive direction," a daily report by Barclays Capital said.

Analysts added the successful launch of new products aimed at smaller investors in the bullion market meant profit-taking could still be seen because of the sheer level of speculative long positions.

The exchange-traded-fund (ETF), called streetTRACKS Gold Shares , attracted $1.3 billion in its first three days of trading and was issued earlier in November.

"But we believe it is impressive enough to ensure that the majority of speculative interest will hold and look for higher prices," Barclays added.

Dealers put support at $450, with resistance seen at $460. Trade was expected largely to remain in a $5 range. Silver followed gold and was last quoted at $7.72/7.75 compared with $7.67/7.70 late in Europe on Friday.

Platinum was lower at $859.00/863.00 against $862.00/867.00, with palladium at $210.00/216.00 against $212.00/215.00.

29 Nov 2004 21:13

29.11.2004 21:01:29 NY gold closes above $450, highest since July 1988

NEW YORK, Nov 29 (Reuters) - U.S. gold futures closed at a 16-1/4-year peak above $450 an ounce Monday as the market caught up with higher bullion following the U.S. Thanksgiving Day, while silver ended at a seven-month peak.

December delivery gold on the New York Mercantile Exchange's COMEX division settled up $4.40 at $453.70 an ounce, within a range of $449.30 to $454.80, which marked the loftiest level for futures since July 1988.

February gold gained $4.30 to $455.80 in last-ditch contract rollover from the December contract before Tuesday's first notice day for metal delivery.

Refco analyst Tom Boustead said fund buying in New York after a four-day market holiday hurled gold above $450 amid improved sentiment as the dollar held near a record low versus the euro.

The market "has upward momentum until we see something happen in the currencies that would shift sentiment," Boustead said. "Gold looks a little overbought but I don't think that matters until there's a reason to take profits."

On Friday, when U.S. markets were shut, bullion touched a 16-1/4-year high at $455 and the euro hit a record at $1.3329.

Analysts said gold was looking attractive to investors as a safe haven against a backdrop of a declining dollar, rising oil prices and heightened geopolitical tensions.

According to an informal poll of London analysts released on Friday, gold was destined to reach $500 an ounce in 2005 on expectations of further dollar weakness, but may correct lower first.

Boustead said he viewed futures as in a range between support at $450 and resistance at $460 for now.

Spot gold last was quoted at $453.30/4.05, versus Europe's close Friday at $452.25/3.00. Monday's afternoon fix in London was at $451.25.

The euro dipped to around $1.3274 by midafternoon.

A strong euro makes dollar-priced metals cheaper for non-U.S. buyers.

Trade buying in New York propped up silver prices also amid an absence speculative selling, said a COMEX floor broker.

December silver gained 15.7 cents to $7.77 an ounce, trading from $7.605 to $7.795 -- its highest since April. Next-active March futures rose 15.8 cents to $7.825.

Spot silver shot up to $7.77/80 from $7.67/70 previously. London's fix was at $7.65.

January platinum finished up $3.00 at $865.40 an ounce. Spot platinum hit $860.00/865.00.

December palladium fell $2.65 to $211.35 an ounce. March shed the same amount to $213.75. Spot palladium fetched $208.00/213.00.

30 Nov 2004 08:52

30.11.2004 08:40:35 UPDATE 2-Tokyo gold matches 12-yr high after New York rise

TOKYO, Nov 30 (Reuters) - The benchmark gold futures contract on the Tokyo Commodity Exchange (TOCOM) rose as high as 1,503 yen per gram on Tuesday, equalling the 12-year high marked in October, after the New York market hit a 16 1/4-year peak.

TOCOM gold also gained strength from the dollar's bounce above 103 yen following the release of weaker-than-expected Japanese output data.

The 1,503 yen level matched the Oct. 6 mark, which was the highest since Aug. 3, 1992, when TOCOM's benchmark gold rose as high as 1,509 yen, an exchange spokeswoman said.

At the close, benchmark October gold was up seven yen at 1,501, coming off the day's high on profit-taking.

"The market lost steam in the afternoon as operators were eager to take profits before the release of key U.S. economic indicators later this week, which could have a major impact on the dollar and bullion," a Tokyo broker said.

Gold has been buoyant as investors have shifted money to the safe-haven metal from dollar-based financial assets amid the dollar's downward trend, traders said.

The dollar was at 103.02/05 yen at 0630 GMT, up from 102.86 in late Monday U.S. trade. Last Friday it hit a four-and-a-half year low of 102.15 yen.

The dollar bounced back after Japanese data on Tuesday showed industrial production fell 1.6 percent in October compared with a month earlier, far below market expectations for a gain of 0.1 percent.

But currency dealers said they suspected the dollar's two-day reprieve from weeks of heavy selling would not last long.

The market's biggest focus is on U.S. payrolls figures for November due on Friday, but in the meantime traders are waiting for preliminary U.S. gross domestic product data for the third quarter, due at 1330 GMT.

On Monday in New York, COMEX December gold settled up $4.40 at $453.70 an ounce, the loftiest level for futures since July 1988.

COMEX gold caught up with bullion, which marked a 16-year high of $455 an ounce on Friday, following the U.S. Thanksgiving holiday.

Spot gold was at $452.25/453.00 an ounce at 0630 GMT, down from New York's last quoted $453.30/454.05, in the wake of the dollar's rebound.

TOCOM platinum futures also settled higher, lifted by a softer yen and stronger gold futures.

The benchmark October platinum contract ended up 29 yen per gram at 2,797, after trading between 2,783 and 2,802.

Other months gained 17 to 31 yen.

Spot platinum was at $865/870 an ounce at 0630 GMT, up from Monday's New York close of $860.00/865.00.

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 1,501 (up 7) 96,111
SILVER 254.4 (up 2.7) 5,701
PLATINUM 2,797 (up 29) 56,596
PALLADIUM 709 (up 1) 1,276

30 Nov 2004 13:20

30.11.2004 13:19:45 Silver fixes higher, gold consolidates above $450

* Silver fixes higher at 775.00 cents an ounce compared with previous fix of 765.00 cents. Spot silver sits lower at $7.74/7.77 an ounce by 1208 GMT compared with New York's late Monday quote of $7.77/7.80. * Silver forward rates on Reuters page indicated at 2.002, 1.974, 1.914 and 1.672 for one, three, six and 12 months respectively. * Gold falls to $452.20/452.70 by 1211 GMT, compared with New York's late quote of $453.30/454.05. Bullion had spiked to $455.00 on Friday, the highest since June 1988. * Bullion seen tracking euro , still strong at $1.3290 by 1222 GMT, near all-time highs against the dollar of around $1.3329 set on Friday. * Platinum up at $863.00/868.00 an ounce versus New York's close of $860.00/865.00. Palladium edges up to $209.00/214.00 from $208.00/213.00 an ounce.

30 Nov 2004 13:24

30.11.2004 12:42:09 Europe gold consolidates above $450, eyes U.S. data

LONDON, Nov 30 (Reuters) - Gold fell back on Tuesday, but looked to consolidate above $450, ahead of potential dollar-moving data to be realesed on Friday, dealers said.

By 1115 GMT spot gold was quoted at $451.75/452.50 an ounce, down from New York's late close of $453.30/454.05.

Bullion had spiked to a fresh 16-1/4 year high of $455 last Friday, but retraced after U.S. investors took profits after returning from the Thanksgiving holiday on Monday.

"It's been quiet, we saw some Australian dollar-related producer selling this morning, but as the euro picked up gold went bid and here we are back at $452.00 with no particular view," one trader said.

Analysts said gold's quiet trading session on Monday, with lower volumes than seen on Thursday and Friday, had come as a surprise after the U.S. holiday. Gold is now seen between $450 and $454, while it tracks the euro against the dollar.

The U.S. currency remained weak against the euro on Tuesday at around $1.3271, despite bouncing back slightly from last week's record low of $1.3329.

A weak U.S. currency makes dollar-priced bullion cheaper for non-U.S. investors and a natural hedge against greenback volatility.

European Central bank (ECB) President Jean-Claude Trichet, due to speak before the European Parliament at 1400 GMT, has said that recent euro moves have been brutal and unwelcome.

Later on Tuesday, traders will also be waiting for preliminary third quarter gross domestic product (GDP) data at 1330 GMT, the November Chicago PMI and the Conference Board's consumer confidence index expected at 1500 GMT.

If economic data out of the United States this week is bullish, it could shift the focus back to the pace of the Federal Reserve's monetary tightening campaign, and soften worries over the U.S. currency account deficit.

This week, the key release is U.S. payroll data for November, due out on Friday.

Traders expected activity this week to be less choppy, but the bullion market would remain cautious about long positions.

"Speculative positions are very large and although further U.S. dollar weakening will keep the metal moving higher in dollar terms, the gold market is vulnerable to a move lower should the dollar stage a temporary recovery," a daily report by UBS Investment Bank's precious metals analyst, John Reade, said.

Alexander Zumpfe from Dresdner Kleinwort Wasserstein added a temporarily stronger dollar could cap the upside this week. "Our short-term call is therefore for a consolidation within the recent range, which should help to take the heat out of this recently overbought market," he said in his daily report. Silver fell slightly to $7.74/7.77 from New York's late close of $7.77/7.80, steadying after volatile Monday trade.

Platinum stayed firm, rising slightly to $863.00/868.00 versus $860.00/865.00, while palladium edged up to $209.00/214.00 compared to $208.00/213.00.

Heute stressbedingt alles mit Verspätung,aber der Silberpreis macht den Ärger wett...

01 Dez 2004 17:16

01.12.2004 17:05:08 UPDATE 1-Gold higher in Europe, $455.00 in view

(Updates to afternoon)

LONDON, Dec 1 (Reuters) - Gold prices pushed higher on Wednesday in Europe, with a probe towards the recent 16-1/4-year high at $455.00 an ounce triggered by dollar weakness, traders said.

"It is being driven to the upside by the dollar being weaker," one trader said.

Despite the renewed advance, with the market nearing $454.00 at one stage, traders were wary of selling as the higher end of the current range.

"We are in a rough $3.00 range -- it does look a bit toppy here," the trader added.

Earlier, U.S. data on personal spending, construction spending and the ISM manufacturing index did little to excite the market, with the imoprtant release seen to be Friday's non-farm payrolls data.

Gold was at $452.70/453.45 by 1551 GMT, up from New York's late quote on Tuesday of $450.50/451.25.

"We continue to caution that a correction is inevitable at some point, but it is hard to identify the trigger," John Reade, analyst with UBS Investment Bank, said in his daily report.

With others, he said the prospect of end-year profit-taking and position-squaring might lead to a retreat towards the end of this month.

James Moore of TheBullionDesk.com said Tuesday's retreat suggested traders were getting nervous.

"Although I continue to believe that any consolidation will be met with good scaled down support, with the longer-term trend still for higher prices," he said in a daily note.

Reade noted that euro-denominated gold (XAUEUR=R) had slipped lower this week to around 399 euros an ounce from last Friday's seven-month high at 344 euros.

Elsewhere, silver charged higher amid eight-month highs in New York to settle at $7.89/7.92 an ounce from $7.68/71.

Platinum was at $867.00/872.00 versus $865.00/869.00, while palladium rose $1.00 to $209.00/213.00 an ounce.

(Additional reporting by Clare Black)

01 Dez 2004 17:18

01.12.2004 16:36:33 NY gold above $456 early, silver hits 8-mo. high

NEW YORK, Dec 1 (Reuters) - U.S. gold futures climbed to within sight of recent 16-year highs on Wednesday morning after the dollar hit an all-time low versus the euro, while fund and trade buying lifted silver prices to an eight-month peak.

The precious metals have been drawing in investors due to the eroding value of the U.S. currency, while high oil prices and increased geopolitical tensions have triggered buying as well, dealers and analysts said.

Gold touched $457 an ounce on Tuesday, which was its highest since July 1988, and has remained close to that level since then.

"It's a dollar thing," said a broker at a futures commission merchant in New York. "As long as the dollar is down, gold will stay up."

Frank Aburto, trader at F.C. Stone, said silver piggybacked on gold's rise Wednesday, and was lifted by renewed fund and commercial buying in the market.

"With the gold above the $450 level it is attracting some good interest to silver, which has been neglected," he said.

Gold for February delivery on the New York Mercantile Exchange's COMEX division rose $3 to $456.20 an ounce by 10:25 a.m. EST (1525 GMT), trading from $452.40 to $456.50.

COMEX spot December gold was up $2.10 at $453.40.

Previous end-of-the-month profit-taking, fueled by the market's top-heavy net long position, fizzled out overnight, paving the way for fresh speculative buying and physical interest at lower prices, dealers said.

Additionally, a lower dollar was boosting gold as the dollar-denominated metal was getting more affordable for non-U.S. buyers.

The dollar was not far off a fresh all-time low against the euro at midmorning.

The greenback has lost almost a tenth of its value versus a basket of currencies in four months on concerns about the U.S. current account deficit and speculation Washington is happy to see a weaker dollar.

The euro was worth $1.3320, close to the high at $1.3335.

Analysts said they viewed resistance in COMEX February gold at $460 and support down at $450 and $448.20.

Spot gold priced at $453.25/4.55, way above Tuesday's New York close at $450.50/1.25. Wednesday's early fix in London was at $451.10.

In silver, a mixture of fund, trade and bank buying catapulted prices to their highest since April, floor brokers said.

COMEX March futures rose 20.3 cents to $7.98 an ounce, moving from $7.76 to $7.985. Spot silver jumped to $7.90/93 from $7.68/71 previously. The London fix was lower at $7.715.

NYMEX January platinum rose $2.50 to $874.80 an ounce. Spot platinum traded to $867.00/872.00.

March palladium advanced $2.40 at $215.50. Spot palladium touched $209.00/213.00.

01 Dez 2004 17:19

01.12.2004 17:10:48 Gold zieht wieder etwas an

London, 01. Dez (Reuters) - Gold hat sich am Mittwoch in Europa von den Gewinnmitnahmen der Vortage wieder etwas erholt und stieg bis auf 453,80 Dollar. Noch ausstehende US-Konjunkturdaten haben allerdings einen stärkeren Anstieg verhindert, sagten Händler.

Eine Korrektur sei ab einem gewissen Punkt unausweichlich, jedoch sei ein Auslöser hierfür nicht auszumachen, so Edelmetall-Spezialist John Reade im "Daily Report" von UBS Investment Bank. Gegen Monatsende dürften Gewinnmitnahmen und Glattstellungen von Terminkontrakten zu sinkenden Kursen führen, so auch andere Gold-Experten. Der Markt werde langsam nervös, was der Fall unter die Marke von 450 Dollar vom Vortag zeige, kommentierte James Moore von TheBullionDesk.com.

Kurzfristige Impulse vom Devisenmarkt werden den Goldkurs nach Aussage von Händlern weiter bestimmen. Zudem stünde am Mittwochabend der Konjunkturbericht der amerikanischen Notenbank, das so genannte "Beige Book", an.

Zum Handelsschluss in Europa notierte die Feinunze Gold bei 452,40/453,15 nach 448,50/449,25 Dollar am Vorabend. Das Nachmittagsfixing in London erfolgte bei 452,85 Dollar nach 451,10 Dollar am Vormittag und 453,40 Dollar am Dienstagnachmittag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.527/16.777 (Vorabend 16.326/16.576) sfr an.

ish/pma