Rohstoffnews

06 Dez 2004 13:25

06.12.2004 13:08:28 Silver fixes higher, gold backs off

* Silver fixes firmer at 800.00 cents a troy ounce on Monday, compared with 783.00 cents at Friday's fix. Spot however, slides to $7.90/7.93 by 1205 GMT from $7.99/8.02 during late New York trade on Friday. Forward rates on Reuters page indicated 2.044, 2.002, 1.922 and 1.678 for one, three, six and 12 months respectively

* Gold drifts back to $454.60/455.30 per troy ounce, against $455.45/456.20 in New York and off an earlier high at $456, that was just cents away from last week's 16-year peak.

* Market still tracking currency moves, with further dollar weakness expected which should bolster gold. However, some analysts and traders remain wary of potential year-end fund liquidation.

* Platinum slips to $867.00/872.00 from $868.00/873.00.

* Palladium firms to $205.00/210.00, against $202.00/207.00.

07 Dez 2004 12:05

07.12.2004 11:45:25 Europe gold treads water, eyes new dollar low

LONDON, Dec 7 (Reuters) - Gold was barely changed in Europe on Tuesday, taking little notice of further falls in the dollar, as traders remained cautious to deal amid expectations of heavy fund liquidation ahead of the year-end.

Traders said the dollar's new lifetime low against the euro had nudged gold away from its session lows scored in early trade.

Spot gold was quoted at $453.70/454.40 a troy ounce by 1041 GMT, little changed from New York's late trade on Monday of $453.50/454.25.

Gold scored its highest since early June 1987 last Thursday at $456.75 and came to within a few cents of that level on both Friday and Monday, before stalling.

Many traders are bracing themselves for further selling from funds over the next two weeks, although further excessive dollar weakness would limit losses, they said.

"I think there will be some profit taking before now and the year end," one dealer said, adding he would not be surprised to see the gold price fall back to $445.

"Whilst the dollar continues to look bad, you can't sell it really. But the funds will want to lock in some of these profits they've notched up this year."

Any potential slide was not seen particularly denting gold's strong bull rally though.

Many analysts and traders are of the view that this year's march higher has been steady, with regular and healthy pull- backs that have allowed people to make money.

Alan Williamson, analyst with HSBC, said gold's recent stagnation despite fresh dollar lows had helped some of the apparent overvaluation of the gold market to be eroded.

Gold had rallied much faster than could have been explained purely by the fall in the value of the dollar.

"Nevertheless it is clear the gold market continues to price in a further slide in the dollar and as such remains vulnerable to a recovery in the US currency," he said in a report.

"Although at the moment it is difficult to see what the trigger for such a rally could be."

Silver continued to track gold's every move, quoted at $7.88/7.91 an ounce from $7.89/7.92.

Platinum was unchanged at $869.00/874.00, while palladium ticked down to $205.50/210.50 from $206.00/210.00.

07 Dez 2004 13:51

07.12.2004 13:25:53 Silver fixes down, Europe gold static

* Silver fixed lower at 784.50 cents a troy ounce, down from Monday's fix of 800.00 cents. Spot softens to $7.83/7.85 from $7.89/7.92 in late New York trade on Monday. * Forward rates on Reuters page indicated at 2.086, 2.022, 1.942 and 1.728 for one, three, six and 12 months respectively. * Gold barely moves during Euoropean session despite dollar setting new record lows versus euro. Trade hesitant amid expectations of fund sell-off before year-end to cash in on profits. * Spot unchanged from New York's late trade at $453.50/454.25 per troy ounce. Momentum stalled after failure yesterday just below last week's 16-year high at $456.75. * Platinum slips to $866.00/870.00 from $869.00/874.00. * Palladium indicated at $204.00/208.00 from $206.00/210.00.

07 Dez 2004 18:00

07.12.2004 17:51:19 Gold trotz Dollarschwäche kaum verändert

London, 07. Dez (Reuters) - Gold hat am Dienstag trotz eines schwachen Dollar in Europa praktisch stabil notiert. Die Erwartung von Fonds-Liquidationen zum Jahresende dämpften den Handel.

Wahrscheinlich allein wegen des dünnen Umsatzes sei Gold niedriger, sagte ein Händler. Der Markt bewege sich offenbar in einer Spanne zwischen 450 und 455 Dollar ohne jegliche Anzeichen diese nach oben oder unten zu durchbrechen.

Der Markt geht nach den vergangenen Kursgewinnen davon aus, dass Fonds in den kommenden beiden Wochen Verkäufe tätigen. Ein Händler geht wegen der erwarteten Gewinnmitnahmen von einem Fall des gelben Metalls bis auf 445 Dollar aus. Eine weitere Gold-Rally werde dadurch nur verzögert, nicht beendet, hiess es. Es werde noch immer ein Anstieg auf 460 Dollar und höher erwartet.

Gold stand zum Handelsende bei 452,20/453,00 nach 451,90/452,60 Dollar am Vorabend. Das Fixing in London erfolgte am Nachmittag bei 451,80 Dollar nach 453,75 Dollar am Vormittag und 453,05 Dollar am Montagnachmittag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.436/16.686 (Vorabend 16.441/16.691) sfr an.

ish/och

07 Dez 2004 18:01

07.12.2004 17:41:02 Europe gold ends on soft note depsite weak dollar

* Gold slips slightly despite dollar setting new record lows versus euro at $1.3470. * Spot ends at $452.10/452.90 per troy ounce by 1615 GMT from $453.50/454.25 quoted late in New York on Monday. Momentum stalls after failure yesterday just below last week's 16-year high at $456.75. * Trade hesitant amid expectations of fund sell-off before year-end to cash in on profits. * Silver eases to $7.82/7.85 from $7.89/7.92 in late New York trade on Monday. * Platinum slips to $866.00/870.00 from $869.00/874.00. * Palladium indicated at $205.50/209.50 from $206.00/210.00.

07 Dez 2004 21:01

07.12.2004 20:23:39 COMEX gold finishes softer, stuck in a range

NEW YORK, Dec 7 (Reuters) - U.S. gold futures closed lower on Tuesday on profit-taking as a recent precious metals rally seemed to dry up this week amid a lack of interest, despite fresh record lows in the dollar, traders said.

Gold has been consolidating since it hit a 16-year high of $458.70 in February futures on Thursday, in a bull move beefed up by nearly daily new highs in the euro against the dollar.

"It's run out of steam," said a broker at a futures commission merchant. "While we've made new highs on the euro, I don't think that it's gotten the gold market too excited as the high is only by a tad, and we're really just sort of range-bound."

February gold on the New York Mercantile Exchange's COMEX division fell $2.20 to settle at $453.70 an ounce, after keeping within a session range of $456.90 to $453.20.

Traders said gold appeared to be caught in a near-term trading band from $450 to $455, marked on one end by flight-to-safety buying and on the other by profit-taking and trade selling at current strong market prices.

The dollar touched a record low against the euro at $1.3470 early on Tuesday, after a warning by European officials on the euro's rise fell on deaf ears, with investors determined to dump the U.S. currency. The euro last fetched $1.3422.

The dollar also reached a 12-year low versus sterling beyond $1.95 .

A soft U.S. currency typically supports gold, which is priced in dollars in global markets, as it becomes a better buy for non-U.S. investors.

ScotiaMocatta's December Money Matters report said good physical and investment demand for gold, including interest generated by new exchange-traded funds, could drive prices "considerably" higher over the long-term, if underlying imbalances in financial markets, such as a tumbling dollar, remain unchecked.

But, in the run up to year-end, profit-taking might weigh on prices because last ditch book-squaring was likely, while any central bank intervention to stem the dollar's decline als could act to derail gold's rally, ScotiaMocatta said.

"However, even though a sell-off in gold may be quite sharp, it is likely to provide a good longer term buying opportunity," it added.

Analysts saw resistance in COMEX gold at $457.80 and $460-$461, with support at $448.20-$449.50, and $432 and $420.

Spot gold was at $450.90/1.70, off from Monday's late quote in New York at $453.50/4.25 and well below last week's 16-year peak at $456.75. The late London fix on Tuesday was at $451.80.

March silver extended its losses from Monday, slipping 7.8 cents to $7.885 an ounce, trading $7.98-$7.86. Last week, it scaled an eight-month peak at $8.235, bolstered by gold.

Brokers pegged support at $7.84 and $7.55/57, with resistance at $8.235 and the spot high of $8.50 from April.

Spot silver traded to $7.82/85, off from $7.89/92 late on Monday. Tuesday's London fix was at $7.8425.

January platinum fell $6.70 to $871 an ounce. Spot platinum was worth $865.50/870.50.

March palladium lost $1.95 to $209.85. Spot hit $204.50/210.50.

08 Dez 2004 08:34

08.12.2004 08:07:51 Gold opens soft in Europe as dollar rallies

* Spot gold opens at $447.75/448.50 per troy ounce in Europe, down from $450.90/451.70 quoted late in New York on Tuesday. Market undermined by dollar recovery and some profit-taking. * Silver starts softer as well, indicated at $7.67/7.70 from $7.82/7.85 in late New York trade. * Platinum opens at $859.00/864.00 from $865.50/870.50. * Palladium at $204.00/209.00 from $204.50/210.50.

08 Dez 2004 09:07

08.12.2004 06:58:12 Gold drops below $450 in Asia, eyes year-end sales

(Adds premiums on paras 11 to 12)

SINGAPORE, Dec 8 (Reuters) - Gold fell below $450 on Wednesday, retreating from last week's 16-year peak at $456.75 an ounce on profit-taking and a recovery in the U.S. dollar.

Buying interest from investors and jewellers helped limit the falls but dealers said year-end book squaring and liquidation would weigh on prices. Weakness in Tokyo gold futures also put a damper on sentiment, they said.

"You will see some buying here but not very big. It's just a moderate (physical) buying," said Beh Hsia Wah, a dealer at United Overseas Bank in Singapore, a key bullion trading centre in Southeast Asia.

Spot gold was at $448.10/448.90 an ounce by 0526 GMT, versus $450.90/451.70 late in the U.S. market. Crucial support was pegged at $445 an ounce, while key resistance was intact at $450 an ounce.

In Tokyo gold futures, the benchmark October gold contract lost five yen per gram to 1,492 yen.

Gold lost nearly $3 an ounce in New York on Tuesday even though the dollar hit a fresh record low against the euro. A weak dollar normally supports gold, which is priced in the U.S. currency.

The dollar paused from recent heavy selling on Wednesday due to growing market reluctance to make big bets ahead of Christmas and the year-end.

The dollar was higher at around $1.3364 against the euro , and up from a record low of $1.3470 overnight. "Trading is winding down. Traders don't want to take big positions ahead of the year-end and blowing any money they've made during the year," said one bullion dealer in Singapore.

"I've seen a little bit of demand this morning but there's nothing exciting," he said.

Gold bars were on par to London prices in Singapore, which indicated that demand, albeit limited, helped resist selling pressure. Gold bars were offered at a discount of 10 U.S. cents an ounce two weeks ago .

But gold bars remained at a discount of 30 U.S. cents an ounce in Hong Kong, a key bullion trading house in East Asia, as investors cashed in to take advantage of high prices.

In other precious metals, platinum was at $859/864 an ounce, compared with $865.50/870.50 in New York. Sister metal palladium was at $206/211 an ounce, versus $204.50/210.50 in New York.

Silver fell to $7.66/7.69 an ounce from $7.82/7.85.

08 Dez 2004 17:52

08.12.2004 17:29:51 Dollar-Erholung bringt Gold unter Druck

London, 08. Dez (Reuters) - Der Goldkurs ist am Mittwoch aufgrund eines deutlich erholten Dollars um rund 15 Dollar abgesackt. Auch das für Industriemetalle als Benchmark fungierende Kupfer sowie Silber verzeichneten deutliche Abgaben. Analysten zufolge blieben Fonds zwar in den Rohstoffmärkten engagiert, setzten nun aber durch Leerverkäufe auf fallende Kurse.

Die Verkäufe bei den Metallen seien durch den seit Wochen erstmals gegenüber dem Euro wieder steigenden Dollar ausgelöst worden, sagten Händler. Für den Fall, dass Gold sich nicht auf dem gegenwärtigen Niveau stabilisiere, sehen Experten weitere Kursverluste. Die gegenwärtige Schwäche werten Edelmetall-Analysten nach eigenen Aussagen jedoch nur als vorübergehend. Die allgemeine Marktstimmung sei und bleibe für den Dollar negativ und für Gold positiv, so Alan Williamson von der Bank HSBC.

Gold hat jüngst stark von den fallenden Dollarkursen profitiert, da das in der US-Devise gehandelte Edelmetall so für Anleger aus anderen Währungsräumen billiger werde und zudem als Absicherung gegen die Abwertung des Dollar diene.

Gold stand zum Handelsende bei 436,65/437,40 nach 452,20/453,00 Dollar am Vorabend. Im Handelsverlauf war Gold bis auf 434,90 Dollar gesunken. In der vergangenen Woche hatte Gold noch bei über 456 Dollar notiert.

Das Fixing in London erfolgte am Nachmittag bei 436,90 und 445,75 Dollar am Vormittag und 451,80 Dollar am Dienstagnachmittag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.121/16.371 (Vorabend 16.436/16.686) sfr an.

Termingeschäfte für Drei-Monats-Kupfer standen bei 2879 Dollar und damit rund 70 Dollar niedriger als am Dienstagabend. Silber fiel gegenüber dem Vortag um elf Prozent auf 7,03/7,11 Dollar.

ish/pma

08 Dez 2004 18:14

08.12.2004 17:50:13 Commodities News Summary

TOP NEWS
> NY precious metals pummeled as dollar rallies [nN08385828]

NEW YORK - U.S. gold futures fell 3.3 percent and silver sank about 10 percent Wednesday morning, as a comeback in the dollar amid profit-taking in other currencies prompted investors to discard positions in precious metals.

Platinum futures slid 5 percent on the speculative selling and long liquidation in metals aimed at locking in gains before year-end, while palladium hit a life-of-contract low.

- - - -

> Gold, industrial metals hit by dollar rebound [nL08420369]

LONDON - Gold and benchmark industrial metal copper fell sharply in London from recent multi-year peaks on Wednesday, as funds jittery about economic growth took a dollar rebound as a chance to jettison holdings.

Copper traded on the London Metal Exchange (LME), the world's biggest metal-trading market, fell two percent and gold shed more than one percent, leading other base and precious metals lower.

- - - -

> India hopes to produce record wheat output [nSP342150]

NEW DELHI - India, the world's leading grains producer, is expected to produce a record wheat crop of 79 to 80 million tonnes in the summer season if the weather continues to be good, a farm ministry official said on Wednesday.

- - - -

METALS
> European physical copper premiums down, zinc up [nL08702969]

LONDON - Physical copper premiums were easier in Europe this week as consumers wound down trade ahead of the end-year holidays, traders said on Wedneday.

However, zinc premiums were up, reflecting tightness in the concentrate market.

- - - -

> Kinross to close Paracatu gold mine deal in Dec. [nN08329356]

RIO DE JANEIRO, Brazil - Kinross Gold Corp. (/K.TO) expects to conclude this month the purchase of Rio Tinto Plc.'s (/RIO.AX)(/RIO.L) 51 percent stake in the Paracatu gold mine in Brazil, a senior company official said on Wednesday.

The deal, worth about $260 million, will give Canadian miner Kinross control of Brazil's second largest gold mine in Minas Gerais state.

- - - -

> INTERVIEW-Egypt Aluminium ups capacity, aims highe [nL08333932]

LONDON - Eygpt Aluminium has partially completed work to modernise its plant near Luxor and boost overall production, a senior official said on Wednesday.

The company, Egypt's only primary aluminium producer, is modernising six potlines to lift output to 300,000 tonnes a year by 2007 from 200,000 in 2003, Chairman and Chief Executive Officer Zaki Bassyoni said.

- - - -

GRAINS, OILSEEDS, LIVESTOCK > Hybrid, GMO rice strains may help raise yields-FAO [nL08712256]

BRUSSELS - Rice growers should make better use of biotechnology and hybrid strains to reverse falling yields from a crop that feeds more than half the world, the United Nations food agency said on Wednesday.

- - - -

> Half of China crops may be biotech by 2014 -report [nN07257994]

WASHINGTON - Half of China's farm fields may be growing genetically modified crops in 10 years, as Beijing invests hundreds of millions of dollars in the new technology, a biotech industry-sponsored report said on Wednesday.

- - - -

> S.Africa to cull 2,200 ostriches in bird flu drive [nL08440631]

JOHANNESBURG - South Africa will cull 2,200 ostriches after identifying three more farms in the country's Eastern Cape province where bird flu might have spread, officials said on Wednesday.

- - - -

> Canada hikes 2004 crop output but quality is poor [nN08332907]

OTTAWA - Canadian farmers harvested larger crops than September's survey showed in most grains and oilseeds but cold, wet weather during mid-season yielded lower quality and moister product, Statistics Canada said on Wednesday.

- - - -

> Ukraine exports grain despite political crisis [nL08426478]
KIEV - Grain traders have resumed concluding new export
deals, but a political crisis and a seasonal fall in market
activity have slowed the pace of shipments, analysts and traders
said on Wednesday.

- - - -

SOFT COMMODITIES
> Brazil Sugar - Prices rise on reduced offers [nN02552763]

SAO PAULO, Brazil - Sugar and ethanol prices in Brazil rose this week mainly due to reduced supplies offered by mills, traders said on Wednesday.

A 50-kg bag of 150 ICUMSA crystal sugar traded in Ribeirao Preto on Tuesday at 32 reais, taxes included, compared with 31 reais last week when there were no buyers.

- - - -

> India buys 100,000 to 120,000 tonnes of sugar--tra [nN08396781]

NEW YORK - India, the world's largest sugar consumer, has bought 100,000 to 120,000 tonnes of raw sugar for prompt shipment, brokers said Wednesday.

- - - -

> U.S. tells Africa cotton part of wider trade issue [nL08150861]

DAKAR - A deal on cotton subsidies in rich countries, which African growers say are driving them out of business, can only be reached as part of a wider trade pact, U.S. Trade Representative Robert Zoellick said on Wednesday.

- - - -

> Physical sugar-Whites draw interest in M.East, Asi [nEUSUG2]

LONDON - Demand for physical white sugar in Asia and the Middle East is picking up despite high freight rates, and India looms as the next big buyer, traders and brokers said on Wednesday.

- - - -

09 Dez 2004 21:32

09.12.2004 21:03:23 UPDATE 1-NY silver ends sharply lower; gold, PGMs fall

(Adds closing prices)

NEW YORK, Dec 9 (Reuters) - Silver prices plunged to a 10-week low on Thursday during the second day of a sell-off in the precious metals aimed at locking in recent profits before year-end, traders said.

In liquidation partly fueled by a firmer dollar, gold also tumbled but finished above a one-month low, while platinum fell and palladium hit contract- and near one-year lows.

Metals such as gold and silver often move in opposition to the dollar as they are viewed as alternative investments to the greenback.

"They hammered the silver today," said Rocky D'Esposito at RJ Futures. "I wouldn't be surprised if three-quarters of the selling was liquidation profit-taking, and maybe they added some new shorts in the market just to get some new computer selling.

"I think selling in these metals is going to continue," he said. "But you're going to get scale-down buying very shortly."

March silver futures on the New York Mercantile Exchange's COMEX division fell 34.5 cents to $6.80 an ounce, after trading $7.22 to $6.62, its lowest since Sept. 28.

Added to Wednesday's 10 percent decline, the 4.8 percent fall pushed silver further from last week's eight-month highs that had been based on a recent rally in gold.

Spot silver last changed hands at $6.74/78 late in New York, just above a 10-week low at $6.61 and compared with the previous close at $7.07/12. Silver fixed in London on Thursday at $6.90.

The dollar edged up as traders, who were short of dollars after relentlessly selling them for weeks, looked to the growing yield advantage of U.S. assets as a reason to buy back the greenback. The euro was near $1.3270 by the close of metals trading, before it edged up to about $1.3314.

In gold, COMEX February futures lost $1.50 to settle at $437.20 an ounce, after moving between $443 and $434, which was its lowest price since Nov. 8.

The marketplace remained jittery and gold seemed relatively illiquid this week, traders said, which left it vulnerable to further selling before it resumed its climb again.

Prices should struggle to regain $450 an ounce, which was not far from last week's 16-year high at $458.70, said Frank Aburto at F.C. Stone.

Analysts pegged chart support at $430 and $420 an ounce.

Spot gold traded to $436.60/7.40, which was near the previous New York close at $436.70/7.50. The late fix was at $437.10.

Holdings of gold in the U.S.-listed exchange-traded fund streetTRACKS gained slightly to 91 tonnes from 88 tonnes as of Dec. 8. The ETF is backed by gold bullion.

Traders said holdings fell significantly from 133 tonnes the previous day, mainly due to redemptions based on arbitrage between the value of shares and gold bullion itself.

"In the first week of streetTRACKS, you were able to sell the shares at 70 to 80 cents an ounce above the gold price," said one U.S. gold trader.

"When that arbitrage finally came back in line, it wouldn't make sense to hold the shares, because you are going to pay 40 basis points to hold them when you could hold bullion instead."

January platinum fell $17 to $817.10 an ounce. Wednesday's low at $813 was the metal's softest since July. Spot platinum traded to $818.50/823.50.

March palladium dropped $7.65, or 3.75 percent, to close at $196.10. The $190 session low was palladium's weakest on a spot basis since last December. Spot hit $189/195.

© Reuters 2004

10 Dez 2004 09:03

10.12.2004 08:08:53 Gold starts softer in Europe, most others down

* Spot gold opens at $434.75/435.50 per troy ounce, compared with $436.60/437.40 late in New York on Thursday.

* Market struggles to hold $435.00, amid steadier dollar, and vulnerable to further liquidation, with support seen at $430.00 and then $420.

* Silver under pressure again, with spot at $6.62/6.65, down from $6.74/6.78, and close to lowest since late-Sept. Market may target $6.50.

* Platinum rallies, indicated at $827.00/832.00 from $818.50/823.50.

* Palladium at $192.00/195.00 from $189.00/195.00 previously. Hovering near one-year lows.

10 Dez 2004 09:04

10.12.2004 06:45:43 Gold drops but holds above 4-week low, silver down

(Updates to afternoon)

SINGAPORE, Dec 10 (Reuters) - Gold lost around $3 an ounce on Friday and could drop further as the U.S. dollar's strength against the euro took the shine off gold.

Spot gold was trading at $433.50/444.25 an ounce by 0504 GMT, down from $436.60/437.40 late in New York, and just above Thursday's one-month low of $432.05.

"Year-end position squaring and thin trading conditions over the Christmas period will make for an interesting end to the year," said Martin Mayne, associate director at N M Rothschild in Sydney.

"I favour the downside, with a move to or below the 200-day moving average ($407.31) in January."

Year-end profit-taking and a dollar bounce have knocked precious metals off recent multi-year peaks.

Silver, the biggest loser, has fallen nearly 20 percent since an eight-month high of $8.15 an ounce in early December.

Silver hit a 10-week low at $6.56/6.59, against $6.74/6.78 in New York. Some dealers said silver's outlook had been diminished by the declining popularity of photographic film.

Traders said sales of Tokyo gold futures pressured spot gold, which could fall to early-November levels around $430 an ounce amid a firmer dollar and year-end profit-taking.

The benchmark October gold contract fell four yen per gram to 1,474 yen, but was above a morning low of 1,470 yen.

"There's not much interest from the physical side and I think that's because we are approaching the year-end," said a dealer in Hong Kong, a key bullion trading centre in East Asia. "Gold has a strong support at around $430 an ounce. The market has gone down so much, so it may rebound and move towards $440."

In the currency market, the dollar was at $1.3230 against the euro versus 1.3312 in late U.S. trading, compared with a record low of $1.3470 earlier in the week.

A stronger dollar makes dollar-priced precious metals less attractive for holders of other currencies.

Dealers awaited the outcome of a U.S. Federal Reserve policy making meeting on Tuesday, when it is widely expected to announce a 25-basis-point rise in the U.S. cash rate to 2.25 percent.

Platinum rose to $821/826 an ounce from $818.50/823.50 in New York, but buying interest began to dwindle, traders said.

"We saw a little bit of buying interest yesterday but nothing happened today," said one dealer in Tokyo. "I guess people are sidelining again, waiting for more price declines."

Platinum, used in jewellery and auto catalysts, hit a near four-month high at $882 an ounce in early December.

Thinly-traded palladium was at $190/195 an ounce, against $189/195 in late U.S. trading.

10 Dez 2004 17:27

10.12.2004 17:00:50 NY gold off early but above 1-mo. low; silver down

NEW YORK, Dec 10 (Reuters) - U.S. gold futures slipped but held above a one-month low on Friday morning, as this week's more muscular dollar continued to spark profit-taking and the lightening of long positions in the precious metals.

In other precious metals, silver fell about 1 percent after losing around 15 percent Wednesday and Thursday, but it held above a 10-week low, while platinum rose and palladium was barely changed.

Benchmark metal gold was gyrating up from session lows near $432 an ounce as traders digested moves in currencies after they shrugged off mainly upbeat U.S. economic data.

"It's jobbing around on the dollar," said a gold trader at a bank. "There has definitely been a lot of liquidation. Everyone is still long everything, so the end of the year comes and you try to put something in your pocket.

February gold futures traded $1.30 lower at $435.90 an ounce by 10:29 a.m. EST (1529 GMT) on the New York Mercantile Exchange's COMEX division, zigzagging in a range from $439.70 to $432.90 -- its lowest level since Nov. 5.

"If we get down through that $432 level, we could see $425," the gold trader said, referring to key chart support areas. Gold should struggle to get back above $445, he added.

Analysts said the marketplace remained nervous and relatively illiquid this week, leaving it vulnerable to further speculative selling before it can again probe higher.

However, sharp reductions in open interest in gold and silver lent support to sentiment, they said.

COMEX gold open interest tumbled 20,427 contracts to 332,817 lots in data posted on Thursday, while interest in silver fell 11,177 to 114,545 contracts.

Meanwhile, the dollar rose broadly Friday, climbing almost 1 percent against the euro, as traders cast an eye to global economic data and continued buying dollars this week after months of relentlessly selling the currency.

Metals such as gold often move in opposition to the dollar as they are viewed as alternative investments to the greenback.

The euro fell to $1.3184 by midmorning, which was well below the record high at $1.3470 hit earlier this week.

"The dollar will continue to have a heavy influence on market direction over the coming sessions, with the Bank of Japan's quarterly Tankan report due for release on next Wednesday, and will add further volatility should it show manufacturers are less optimistic," TheBullionDesk.com said in a daily report.

"Moves higher by gold are likely to be met by further profit taking, while downwards pressure should continue to find good scaled down support from physical and bargain hunter sources," it said.

Spot gold traded to $434.20/5.00, compared with $436.60/7.40 at the previous New York close. Friday's afternoon London fix was at $434.

Holdings of gold in the U.S.-listed exchange-traded fund streetTRACKS , which is backed by bullion, were at 91.13 tonnes for the second day as of Thursday, after rising from about 88 tonnes Wednesday.

March silver fell 8.5 cents to $6.715 an ounce, trading from $7.195 to $6.64, which was above Thursday's low at $6.62 -- its softest price since Sept. 28.

Spot silver priced at $6.70/73 from $6.74/78 previously. Silver fixed in London at $6.71.

January platinum rose $13.90 to $831 an ounce. Wednesday's session low at $813 was its weakest since July. Spot platinum hit $831/835.

March palladium dipped 10 cents to $196. It fell more than 7 percent on speculative liquidation on Thursday, when the $190 low was its softest on a spot basis since December 2003. Spot touched $191/195.

10 Dez 2004 17:29

10.12.2004 17:02:29 Commodities News Summary

TOP NEWS
> CBOT soy rallies early after USDA, cash supports [nN10484378]

CHICAGO - Soybean futures at the Chicago Board of Trade rallied early on Friday despite neutral crop data released by the USDA before the open, traders said.

Firm cash markets were viewed as supportive and commodity funds hold a large net short position in soybeans and corn, making the market vulnerable to short-covering.

- - - -

> U.S. corn stocks rise, soy 2nd largest ever-USDA [nN10549107]

WASHINGTON - Larger crops overseas will limit U.S. corn exports to 2 billion bushels this marketing year, boosting the size of the corn stockpile, the government said on Friday, and the soybean stockpile will be the second-largest ever.

The Agriculture Department also raised its forecast for the record-setting cotton crop to 22.815 million bales weighing 480 pounds (218 kgs) each, up 1 percent from a month ago. Yields will set records in nine states, including Texas, which grows one-third of the crop.

- - - -

> Copper market deficit 777,000 T Jan-Sept -ICSG [nL10693111]

LONDON - World refined copper consumption exceeded production by 777,000 tonnes in the first nine months of 2004, the International Copper Study Group (ICSG) said in its latest monthly bulletin on Friday.

- - - -

METALS > Gold Fields,Harmony ready to discuss new proposals [nL10603159]

JOHANNESBURG - South Africa's Gold Fields (/GFIJ.J) is ready to meet its predator Harmony (/HARJ.J) in Russia next week to discuss "new proposals" on its acrimonious $5.9 billion takeover bid, Gold Fields said on Friday.

- - - -

> NY copper extends rise from $1.30/lb support early [nN10343241]

NEW YORK - U.S. copper futures rose on Friday morning on short-covering, extending a bounce from near 6-week lows after a profit-taking sell-off pounded the market this week amid a steadier U.S. dollar.

A failure to attract sellers through the $1.30 a lb. support level and a lack of heavy fund liquidation since Thursday morning prompted some speculators to buy at cheaper prices, dealers said.

- - - -

> Fears of December copper squeeze subside -trade [nL10655439]

LONDON - Price falls and metal deliveries have eased worries that December copper availability on the London and Shanghai futures markets may be severely restricted next week, traders said on Friday.

- - - -

> Xstrata says may withdraw $5.6 bln WMC bid [nSYD24099]

MELBOURNE/LONDON - Swiss-based miner Xstrata Plc (/XTA.L) might drop its hostile offer for WMC Resources Ltd (/WMR.AX) if the Australian firm goes ahead with a plan to pay investors up to A$1 billion in cash, Xstrata said on Friday.

- - - -

GRAINS, OILSEEDS, LIVESTOCK
> Tunisia buys 100,000 T optional barley [nL10260355]

PARIS - Tunisia bought four cargoes of 25,000 tonnes each of barley from optional origins for shipments between December and February at prices ranging from $161.97 to $167.19 per tonne C&F, traders said.

Tunisia was seeking offers for three cargoes totalling 75,000 tonnes from the European Union, North or South America and eastern Europe, traders had said earlier on Friday.

- - - -

> Big global grain crop to keep pressure on prices-t [nN10481997]

CHICAGO - Big global grain and oilseed crops will probably keep pressure on Chicago Board of Trade grains and soy futures prices for a year or more, traders and analysts said on Friday.

In its December U.S. and global supply/demand report Friday morning, the U.S. Department of Agriculture confirmed trade expectations for abundant raw materials for livestock feeders, bakers, ethanol users and cooking oil chefs, among others.

- - - -

> Pakistan's 40,000T wheat tender attracts seven bid [nISL45523]

KARACHI - The state-run Trading Corporation of Pakistan (TCP) received seven bids at its 40,000-tonne wheat import tender at between $190.87 and $232 per tonne C&F, a company official said on Friday.

- - - -

> Russian 2004 grain crop may rise to 77.5 mln T-Ifa [nL10710195]

MOSCOW - Russia's 2004 grain crop may rise to 77.5 million tonnes by clean weight, 1.5 million tonnes up from the official forecast of 76 million, a senior farm ministry official was quoted as saying on Friday.

- - - -

> Brazil govt postpones grain forecast for 2nd time [nN10470785]

SAO PAULO, Brazil - Brazil's government postponed by one day its release of its 2004/05 grains crop estimate to Tuesday, Dec. 14, the head of the forecasts department at the Agriculture Ministry said on Friday.

- - - -

SOFT COMMODITIES > Russian 11-mo raw sugar refining down 35 pct yr/yr [nL10426165]

MOSCOW - Russian white sugar output from imported cane raws totalled 2.39 million tonnes in the first 11 months of this year, down 35 percent from 3.69 million in the same period of last year, an industry lobby said on Friday.

- - - -

> London cocoa weakens as market eyes dollar strengt [nL10666562]

LONDON - London cocoa futures crept lower on Friday amid wariness about the effect of another rise in the dollar on the New York market when it opens, dealers said.

LIFFE's benchmark March traded at 880 pounds a tonne, down five pounds and at the bottom of the session's range.

- - - -

> London coffee steady before Brazil forecast, CFTC [nL1093708]

LONDON - London's robusta market wavered either side of unchanged on Friday as participants sat on the sidelines ahead of Brazil's first 2005/06 crop forecast and the release of the weekly U.S. Commitments of Traders data, traders said.

Both reports are due for release after the close of trade on Friday.

- - - -

Ob der Schwachsinn von Freitag stammt kann ich nun nicht sagen,auf jeden Fall ein Schmarrn.....

13 Dez 2004 17:36

13.12.2004 17:31:39 Gold tritt in richtungslosem Handel auf der Stelle

London, 13. Dez (Reuters) - Der Goldpreise hat sich zum Wochenstart in einem orientierungslosen Handel kaum von der Stelle bewegt. Nach den starken Verlusten der vergangenen Woche übten sich zudem viele Marktteilnehmer in Zurückhaltung, sagten Händler. Allerdings verwiesen Marktteilnehmer auch auf das Aufwärtspotenzial im nächsten Jahr, das sich nach einer gewissen Konsolidierungsphase einstellen dürfte.

Zum europäischen Handelsschluss stand Gold bei 435,65/436,40 Dollar je Feinunze nach 434,60/435,40 Dollar am Freitagabend. Vor zwei Wochen hatte Gold noch bei über 456 Dollar notiert. Das Nachmittagsfixing in London erfolgte bei 435,10 Dollar nach 436,95 Dollar am Vormittag. Am Freitagnachmittag war das Fixing bei 434,00 Dollar erfolgt.

Technisch gesehen sei der durch Gewinnmitnahmen ausgelöste Sinkflug von Gold in der letzten Woche nicht so dramatisch gewesen, da die wichtige Unterstützungsmarke 430 Dollar nicht durchbrochen worden sei, sagte ein Analyst. Die weitere Tendenz hänge nun von der Dollarentwicklung und damit insbesondere von der Zinsentscheidung der US-Notenbank Fed ab. An den Märkte wird allgemein von einer fünften Zinserhöhung in diesem Jahr um 25 Basispunkte auf 2,25 Prozent ausgegangen.

Trotz diesem zunächst negativen Szenario sollte Gold aber nach Aussage von UBS-Analyst John Reade nicht unter 425 Dollar fallen, und im nächsten Jahr dann durchschnittlich bei 440 Dollar zu notieren.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.095/16.345 (Freitag 16.122/16.372) sfr an.

pma/par

Das englische Original hört sich da schon anders an:

13 Dez 2004 17:38

13.12.2004 17:29:59 Europe gold ends stronger as dollar sags

* Gold sprints up late to close in Europe at $437.15/437.90 per troy ounce by 1615 GMT, from $433.80/436.60 in late New York trade on Friday. Resistance seen at $444. * Dollar provides short-term direction, with U.S. currency weaker after last week's rally against the euro and yen stalls. Euro last at $1.3291/94. * Silver finds a floor after shedding more than 15 percent last week. Spot moves up to $6.77/6.81 by 1622 GMT from $6.67/6.71 late in New York on Friday. * Platinum higher at $831.00/836.00 from $828.50/832.50. * Palladium steady at $192.00/197.00 compared with Friday's $191.50/197.50.

13 Dez 2004 17:38

13.12.2004 17:04:59 Commodities News Summary

TOP NEWS
> German grain intervention offers reach 1,604,000 T [nL13698393]

HAMBURG - German farmers have offered about 1,604,000 tonnes of grain for European Union intervention subsidies, up by about 121,000 tonnes in the last week, an official at state agricultural purchasing agency BLE said on Monday.

- - - -

> China copper import surge ends SRB shortage fears [nHKG201876]

HONG KONG - A massive jump in copper imports to China last week, swinging the market into surplus for the first time since August, has quashed fears of a delivery default should the State Reserves Bureau exercise its right to take metal from Shanghai warehouses.

- - - -

> Miner Randgold plays down Iamgold merger reports [nL13477897]

JOHANNESBURG - Gold miner Randgold Resources (/RRS.L) played down reports on Monday that it was considering a merger with Canada's Iamgold (/IMG.TO) and said it was struggling to see the value in such a deal.

- - - -

METALS
> Europe gold firms in thin trade as dollar falls [nL13618586]

LONDON - Gold moved higher in Europe on Monday morning, buoyed by a falling dollar, but trade was sparse with many participants sidelined after last week's steep losses.

Spot gold stood at $436.10/436.90 per troy ounce by 1126 GMT, compared with $433.80/434.60 quoted late in New York on Friday.

- - - -

> Iran plans to privatise aluminium sector [nPAI354912]

TEHRAN - Iran's state-run aluminium company said privatisation and foreign investment were key to reach production of 680,000 tonnes per year, an ambitious expansion plan targetted for the next five years.

- - - -

> INTERVIEW-N.Hydro takes global step with Qatar alu [nL13699147]

OSLO - Norway's Norsk Hydro (/NHY.OL) will boost its global presence by building one of the world's biggest aluminium smelters in Qatar, where cheap energy will make it profitable, a top executive said.

- - - -

> Brazil's Oct aluminum output up 12 pct on yr - ABA [nN1374714]

SAO PAULO, Brazil - Brazil's October 2004 primary aluminum output rose 12 percent to 124,800 tonnes from 111,600 tonnes in the same month last year, the Brazilian Aluminum Association (ABAL) said Monday.

- - - -

GRAINS, OILSEEDS, LIVESTOCK
> Cyprus seeks 25,000 t feed barley for Dec/Jan [nL13681292]

NICOSIA - The Cyprus Grains Commission issued a buy tender for up to 25,000 tonnes of feed barley on Monday with a scheduled shipment in December 2004 to January 2005, it said.

- - - -

> Cyprus seeks 10,000 T corn for Dec-Jan [nL13692316]

NICOSIA - The Cyprus Grains Commission issued a buy tender on Monday for 10,000 tonnes of corn with a December 2004 to January 2005 shipment date, it said.

The deadline for tender submissions was Dec.16 at 1230 GMT.

- - - -

> Cyprus seeks 10,000 T feed wheat for January [nL13691405]

NICOSIA - The Cyprus Grains Commission issued a buy tender for 10,000 tonnes of feed wheat on Monday with shipment scheduled in January, it said.

The deadline for submission of tenders was 1230 GMT on Dec.16, it said.

- - - -

> Brazil's soy crop seen 63.9 mln tonnes - Celeres [nN13583137]

SAO PAULO, Brazil - Brazil's 2004/05 (October/September) soybean crop was seen at 63.9 million tonnes, unchanged from November's forecast, analysts Celeres said Monday.

- - - -

> Algeria battles desert locust in Mauritan [nL13690050]

ALGIERS - Algeria is helping Mauritania fight swarms of desert locusts in an attempt to stop the crop-eating insects from crossing into Algeria next spring and destroying its harvest, a government official said on Monday.

- - - -

> Exporters sell 135,000 T US soybeans to China-USDA [nWBT002108]

WASHINGTON - Private exporters reported the sale of 135,000 tonnes of U.S. soybeans for delivery to China during the current marketing year, the Agriculture Department said on Monday.

The 2004/05 marketing year opened on Sept. 1.

- - - -

> Ukraine's livestock population declines in Nov '04 [nL13414194]

KIEV - Ukraine's livestock population fell to 16,394,000 head in November from 16,668,900 in October and 16,831,100 in September, the State Statistics Committee said on Monday.

- - - -

SOFT COMMODITIES
> EU delays lodging appeal in WTO sugar dispute [nL13698044]

GENEVA - The European Union on Monday delayed lodging its appeal against a world trade ruling that called into question parts of its sugar policy, in a move agreed with those states that brought the action against Brussels.

- - - -

> EU embarks on tricky task of ACP sugar compensatio [nL13705121]

BRUSSELS - The European Union is gingerly moving towards agreeing compensation for former colonies that stand to lose heavily from its ambitious plans to shake up sugar policy but has yet to address the trickiest issue -- funding.

- - - -

> Cuban sugar minister says 23 mills will not open [nN13576911]

HAVANA - Cuban sugar Minister Ulises Rosales del Toro announced 23 mills would remain closed during harvest just getting underway, confirming reports that drought had hurt this year's crop, the official daily Granma said on Monday.

- - - -

> Brazil's S.Minas coffee starts week dry, but rain [nN13578200]

RIO DE JANEIRO, Brazil - Brazil's key coffee zone of south Minas Gerais started the week dry as rain moved northeast into the forested coffee area and into Espirito Santo and Bahia, private meteorologists Somar said Monday.

- - - -

> Ukraine sugar union seeks to stop '05 import quota [nL13657605]

KIEV - Ukraine's national sugar union Ukrtsukor said on Monday it would ask the government to remove a raw cane sugar import quota of 125,000 tonnes from the 2005 draft budget due to high white sugar output in 2004.

- - - -

> Iran's GTC tenders for 40,000 T raw sugar - trade [nL13640748]

LONDON - Iran's Government Trading Corporation (GTC) tendered on Monday for 40,000 tonnes of raw sugar on an FOB basis for January shipment, trade sources said.

- - - -

14 Dez 2004 17:31

14.12.2004 17:24:52 Gold vor US-Zinsentscheid wenig verändert

London, 14. Dez (Reuters) - Der Goldkurs hat sich vor dem US-Zinsentscheid am Dienstag kaum bewegt. Vor der Tagung der US-Notenbank Fed seien auch keine grossen Bewegungen zu erwarten gewesen, sagte ein Händler. Der Markt erwarte allgemeine eine Zinserhöhung von 25 Basispunkten, welches Gold für Anleger aus Fremdwährungsräumen verteuern würde. Im Vorfeld der Zinsentscheidung habe selbst das rekordhohe US-Aussenhandelsdefizit für den Oktober den Dollar nicht nachhaltig unter Druck setzen können, hiess es weiter.

Gold-Spezialist Alexander Zumpfe von Dresdner Kleinwort Wasserstein zeigte sich skeptisch, dass die jüngste Korrektor des Edelmetalls schon abgeschlossen sei.

Zum europäischen Handelsschluss stand Gold per Feinunze bei 437,20/438,00 Dollar nach 435,65/436,40 Dollar am Vorabend. Das Nachmittagsfixing in London erfolgte bei 437,10 Dollar, nach 438,60 Dollar am Vormittag. Am Montagnachmittag lag das Fixing bei 435,10 Dollar.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.113/16,363 (Vortag 16.095/16.345) sfr an.

ish/pma

14 Dez 2004 17:44

14.12.2004 16:59:56 Commodities News Summary

TOP NEWS
> Europe gold eases, support holds ahead of US rates [nL14317520]

LONDON - Gold faltered slightly on Tuesday afternoon in Europe, although support held well as participants looked ahead to an expected rise in U.S. interest rates later in the day.

Spot gold eased to $436.90/437.10 per troy ounce by 1525 GMT, from late New York's $438.40/439.20. The euro stood at $1.3309, up slightly on the day.

- - - -

> World coffee deficit seen in 2005/06 [nL14184915]

LONDON - Global coffee consumption will surpass output by 6.7 million 60-kg bags in 2005/06 on steadily rising consumption and a production drop in top grower Brazil, UK analyst CoffeeNetwork said in a report on Tuesday.

- - - -

> Asia Freight-Rates drop 15 pct but seen rebounding [nT232199]

TOKYO/SEOUL - Oil's descent from record high prices and year-end holidays have slashed up to 15 percent from freight rates this week, but China's booming demand for coal and iron ore and a global economic recovery will keep shipping costs high throughout 2005.

- - - -

> Barrick may buy into Highland Russia gold mine [nL14235653]

MOSCOW/LONDON - Canadian gold giant Barrick Gold (/ABX.TO) is considering buying up to 50 percent of a Russian gold mine run by Britain's Highland Gold Mining (/HGM.L), a senior Highland official said on Tuesday.

- - - -

METALS > S.African chrome mine accident kills seven miners [nL14329068]

JOHANNESBURG - An underground mine accident in South Africa killed seven workers at a chrome mine being developed by Hernic Ferrochrome, the company said on Tuesday.

The accident occurred on Monday afternoon, but the cause is not yet known, Operations Director Jasper Pieters told Reuters.

- - - -

> Bulgaria's KTZM sees 2005 lead output up 20 pct [nL13674643]

SOFIA - Bulgaria's biggest zinc and lead smelter KTZM said on Tuesday it plans to increase lead output by 20-percent next year due to improved efficiency.

- - - -

> Norilsk (/GMKN.RTS) gold unit buys new deposit [nL14249297]

MOSCOW - The gold mining unit of Russian metals giant Norilsk Nickel (/GMKN.RTS), Polyus, said on Tuesday it had acquired a company holding a licence to develop a deposit with estimated gold reserves of over 150 tonnes.

- - - -

> Asia Gold-Premiums steady, ETF talk surfaces [nSP36654]

SINGAPORE - Premiums for gold bars were mostly steady in Asia after year-end profit-taking knocked the price off recent multi-year peaks, triggering fresh demand from jewellers and investors, dealers said on Tuesday.

- - - -

GRAINS, OILSEEDS, LIVESTOCK
> EU, Russia meat row may still resurface [nL14184079]

BRUSSELS - Russia and the European Union are ironing out the last details to allow uninterrupted meat imports from the bloc from 2005 but it is far from certain their lengthy row has been laid to rest, diplomats said on Tuesday.

- - - -

> Brazil gov't raises 2004/05 soy crop forecast [nN14647772]

BRASILIA, Brazil - Brazil's 2004/05 soy crop will be a record 61.4 million tonnes, up from the 59.5 million to 60.8 million forecast in October, the agriculture ministry said on Tuesday.

- - - -

> France has 48,400 T new intervention grain offers [nL13430612]

PARIS - French grain office ONIC said on Tuesday it had received fresh intervention offers for 48,400 tonnes of grain this week, comprising 44,500 tonnes of wheat and 3,900 tonnes of barley.

- - - -

> Low soybean sales cut supply pressure-Oil World [nL1351952]

HAMBURG - Low farmer selling is reducing the pressure from large supplies on the global soybean market but there were no current indications of long-term price rises, Hamburg-based newsletter Oil World said.

- - - -

> EU rapeseed crush to rise further, Oil World says [nL13704833]

HAMBURG - European Union rapeseed crushings exceeded soybean crushings in September and October and were likely to rise further, Hamburg-based newsletter Oil World said.

- - - -

SOFT COMMODITIES > Kraft raises its Maxwell House coffee by 14 percen [nN14656129]

NEW YORK - Kraft Foods Inc. (/KFT.N) said Tuesday it raised the price of its Maxwell House coffee brand by 28 cents per 13-ounce can, becoming the second major U.S. roaster to boost prices in a week.

The 14 percent price increase is retroactive to Dec. 10, a spokeswoman said.

- - - -

> Hungary '04 sugar beet crop seen at 3.45 mln T [nL14209705]

BUDAPEST - Hungary's total sugar beet crop is estimated at 3.45 million tonnes this year, up sharply from just below 2.0 million tonnes in 2003, leading sugar producer Magyar Cukor said on Tuesday.

- - - -

> German 11th sugar beet test shows positive trend [nL14217683]

HAMBURG - The eleventh test on beet arriving at German sugar refineries this season continued to show the overall positive trend seen in previous tests, industry association WVZ said on Tuesday.

- - - -

15 Dez 2004 13:21

15.12.2004 12:39:15 Gold rises in Europe on weak dollar, eyes U.S. data

LONDON, Dec 15 (Reuters) - Gold prices moved up in Europe on Wednesday morning on a weaker dollar after the U.S. Federal Reserve sounded less hawkish on interest rates than expected, dealers said.

Although gold prices were strengthening, dealers said the market was prone to volatility as volumes were thin, as several participants were reticent to take on new positions ahead of the year-end.

Spot gold rose to $438.25/439.00 per troy ounce by 1126 GMT, compared with $435.25/436.00 late in New York on Tuesday. The euro was firm at $1.3375.

The Federal Reserve raised interest rates to 2.25 percent on Tuesday as expected, and in its accompanying statement repeated its aims to tighten policy at a "measured" pace, allowing the euro to firm and boosting the allure of gold for non-U.S. investors.

"The market is pretty quiet so far and all tied up to the euro -- I'd expect it to trade in a narrow range between $436.75-438.25," one dealer said.

The market was expected to focus on further U.S. data, watched for the dollar's reaction after a muted response to Tuesday's record-wide trade gap figures.

New York Fed manufacturing numbers are due at 1330 GMT, and net capital flows are expected at 1400.

Third quarter U.S. current account figures are due on Thursday. The current account deficit is expected to widen to $170.00 billion, from $166.18 billion in the second quarter.

Concerns about U.S. ability to fund its twin deficits have been a major factor behind the dollar's recent slide of over five percent against the euro -- a move that helped usher gold to its highest in nearly 16-1/2 years at $456.75.

Analyst James Moore of TheBullionDesk.com said in a report that gold appeared to have built a solid base at $432-35.

"Short-term resistance should be found in front of $440 and despite the possibility for further year-end book squaring...I think gold has now set itself up for a strong start for 2005 and has the legs to breach $460 and head towards $500," he added.

Palladium fell amid profit-taking, although support was holding around $180. Spot stood at $183.50/187.50 compared with $186.50/192.50 in New York previously.

Platinum firmed to $834.00/839.00 from $830.00/835.00, while silver also rose to $6.76/6.79 from $6.70/6.74.

15 Dez 2004 13:34

15.12.2004 13:29:43 Silver fixes up, Europe gold rises on firmer euro

* Silver fixes slightly higher on Wednesday at 678.00 cents compared with 676.50 previously. Spot silver up at $6.76/6.79 by 1213 GMT from $6.70/6.74.

* Silver forward rates on Reuters page indicated at 2.113, 2.062, 2.007 and 1.780 for one, three, six and 12 months respectively.

* Spot gold rises to $438.75/439.50 a troy ounce by 1228 GMT, versus New York's late trade on Tuesday of $435.25/436.00.

* Gold firms in line with euro/dollar strength in thin trade, with market looking out for dollar's reaction to New York Fed manufacturing numbers at 1330 GMT, and net capital flows at 1400.

* Euro last at $1.3366 versus the dollar.

* Platinum rises to $834.00/839.00 versus New York's $830.00/835.00.

* Palladium falls to $183.50/187.50 from $186.50/192.60.

Den Amis gehen die Sponsoren aus, US-Nettokapitalzuflüsse im Oktober 48,1 nach 67,5 Mrd. Dollar im Vormonat.
Euro über 1,34, Gold ü/440................