Rohstoffnews

21 Dez 2004 20:42

21.12.2004 20:30:17 NY gold ends easier on firm dollar, trading thin

NEW YORK, Dec 21 (Reuters) - U.S. gold futures closed a shade lower and other precious metals were mixed Tuesday due to a sturdier dollar, and the markets were expected to keep trading lightly before Friday's Christmas holiday.

Gold moved quietly but maintained a recent trading range of $440 to $445 an ounce as traders tracked the foreign exchange and adjusted positions in front of year-end, dealers said.

Frank Aburto at F.C. Stone in New York said gold stayed on the defensive after a modest recovery in the dollar in the morning.

Gold often fades moves in the dollar as investors use it an alternative to the U.S. currency.

"But it's very quiet in the market. I think people would rather be wrapping presents this week than trading," he said.

New York trading will close early at around noon on Thursday and remain closed Friday in observance of Christmas, which falls on Saturday this year.

February delivery gold at the COMEX division of the New York Mercantile Exchange lost 70 cents to settle at $442.90 an ounce, dealing between $444.80 and $441.70.

Midafternoon in New York, the euro was trading lower at $1.3374 from around $1.3389 at gold's close on Monday.

Financial markets hardly flinched at news of a mortar and rocket attack on a U.S. military base in the northern Iraqi city of Mosul that killed 22 people wounded at least 50 others.

Gold, in its role as a safe haven for investors, has seen increased interest recently amid heightened geopolitical worries as well as economic uncertainty. February futures hit a 16-year high on Dec. 2 at $458.70.

Many markets were quiet this week, however, as a number of players stayed sidelined for the holidays, floor dealers said.

Chartists pinpointed support in COMEX February gold at $437 and $432.90 and resistance at $444.40 and $448.20.

Spot gold eased to $441.30/2.10 from its prior New York close at $441.90/2.70. Tuesday's late fix in London was at $440.95.

Holdings of gold in the U.S.-listed exchange-traded fund streetTRACKS , which is backed by bullion, were at 88.64 tonnes as of Monday for the second day in a row, after declining from 91.13 tonnes on Dec. 17.

COMEX March silver rose 6.2 cents to $6.927 an ounce, trading from $6.83 to $6.935. Spot silver fetched $6.87/90, against $6.79/83 previously. Tuesday's fix was $6.85.

NYMEX March palladium inched up 65 cents to close at $184.95 an ounce.

Monday, it hit a contract low of $170.60, the metal's cheapest price since August 2003, amid concerns about oversupply and soft demand.

Spot palladium inched up to $179.50/185.50.

January platinum shed $1.30 to $841.50 an ounce. Spot fetched $840/845.

22 Dez 2004 09:21

22.12.2004 06:27:35 Gold holds above $440/oz in lacklustre Asia trade

(Updates to afternoon)

SINGAPORE, Dec 22 (Reuters) - Gold held above $440 an ounce in afternoon trading on Wednesday but lacked direction from the currency market, with both markets lacking lustre ahead of the Christmas holiday.

Bullion trading in New York will close from midday on Thursday through Friday, with Christmas falling on Saturday.

Spot gold was trading at $441.25/442.00 an ounce by 0439 GMT, little changed from $441.30/442.10 late in New York.

Gold should trade within the familiar $441 to $443 range in Europe and closely watch movements of the dollar against other currencies ahead of the release of data on U.S. economic growth and industrial production later on Wednesday, traders said.

The euro bought $1.3355, against $1.3372 late in New York.

"The market is very quiet before Christmas but the basic tone is very strong," said Yukuji Sonoda, a precious metals analyst in Daiichi Commodities in Tokyo.

In Tokyo, the new benchmark December gold contract in Tokyo gold futures rose four yen per gram at 1,486 yen on some investor buying.

Some dealers said gold would be stuck in a $440 to $445 range until the end of the year before moving back to $450 an ounce, given a gloomy outlook for the U.S. dollar and geopolitical tension.

A guerrilla attack on a dining tent at a U.S. base in Iraq killed 19 U.S. soldiers and three other people on Tuesday in the deadliest strike on U.S. forces since last year's invasion.

Tension in Iraq and economic uncertainty have raised gold's safe-haven appeal, helping to boost its price to a 16-year high of $456.75 an ounce early in December.

In the physical market, gold trading slowed as jewellers and investors prepared for the holidays, but last-minute year-end covering supported premiums .

Platinum was trading at $841/846 an ounce, up from $840/845 late in New York.

Sister metal palladium was at $182/187 an ounce, compared with $179.50/185.50.

Silver was at $6.88/6.90, versus $6.87/6.90.

22 Dez 2004 09:42

22.12.2004 09:37:53 UPDATE 1-LME aluminium hits new 9-1/2 year high, funds buy

(Updates prices, adds quotes, background)

LONDON, Dec 22 (Reuters) London Metal Exchange (LME) aluminium futures rose to a fresh 9-1/2 year peak at $1,890/95 per tonne early on Wednesday as funds extended buying that took the metal to $1,887 late on Tuesday.

By 0829 GMT, three months aluminium was firm, quoted at $1,887/90 per tonne, up $12 from Tuesday's kerb close at $1,875.

Dealers said the market was being driven by short-term, trend-followers and Commodity Trade Advisory (CTA) funds, with the next upside target now seen at $1,900 although prices could struggle at those levels.

"This buying is all technically driven by CTA and short-term trend following funds, but I'm sceptical about aluminium making $1,900 as the buying could reverse easily," an Asia-based trader said.

"There's been renewed buying interest this morning, which has absorbed a bit of trade selling but we can't tell what will happen next when these funds reach the technical targets -- we could be in for a volatile day," he added.

Standard Bank London analyst Robin Bhar said in a report: "The funds have covered their shorts and against a background of positive fundamentals and bullish charts, have added to their long positions looking for higher levels before the year-end."

Analysts said the metal had been buoyed initially by news on Monday that China may remove tax rebates on aluminium exports and introduce a tax next year to restrict overcapacity and high exports of energy-intensive production.

© Reuters 2004

22 Dez 2004 10:03

22.12.2004 09:46:46 TOCOM gold inches up in position adjustment

TOKYO, Dec 22 (Reuters) - Tokyo gold futures firmed on Wednesday as traders mostly adjusted their positions before a national holiday the next day and ahead of Christmas, with support provided by steady bullion prices.

The benchmark December gold contract on the Tokyo Commodity Exchange (TOCOM) finished up three yen per gram at 1,486 yen, the day's high. The session's trough was 1,483 yen.

Other months rose by three to seven yen.

"Given that it is almost Christmas nobody wants to move heavily in any one direction," a Tokyo analyst said.

TOCOM gold has moved within a tight band of 1,481-1,487 yen this week.

The market has gradually strengthened this year, and is now up about 3.7 percent compared with the start of the year.

In the spot market, gold held above $440 an ounce in afternoon trading, although it lacked direction from the currency market, which was also lacklustre going into Christmas.

Spot gold was fetching $441.45/2.15 an ounce at TOCOM's closing bell, compared with $441.30/442.10 last quoted in New York.

"The market is very quiet before Christmas but the basic tone is very strong," Yukuji Sonoda, a precious metals analyst at Daiichi Commodities said.

In the currency market, the dollar was fetching 104.29/4.34 yen at 0630 GMT, against 104.37/40 yen in late U.S. trade.

The dollar edged up against the euro and kept most of the previous day's gains against the pound, but failed to rise against the yen despite weak Japanese economic data.

Japan's trade surplus, released on Wednesday, unexpectedly fell in November from a year earlier, underlining concern about the impact of slower export growth on the sluggish economy as consumer spending at home remained weak.

Separate government data on Japan's service sector activity, the tertiary sector index, showed a fall of 0.1 percent in October from a month earlier, compared with economists' expectations for a flat reading.

In other precious metals, TOCOM platinum chalked up significant gains with the benchmark December platinum futures contract closing up 28 yen at 2,758 yen per gram.

Spot platinum was at $846/851, up from New York levels of $840/845 an ounce.

TOCOM will be closed on Thursday for the Emperor's Birthday, a public holiday. Trading resumes on Friday.

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 (up 5) 30,487
SILVER 231.2 (up 3.3) 3,263
PLATINUM 2,758 (up 28) 45,063
PALLADIUM 613 (down 2) 1,361

22 Dez 2004 13:25

22.12.2004 12:38:10 Europe gold firms on euro support, trade thins

LONDON, Dec 22 (Reuters) - Gold moved up on Wednesday morning in narrow ranges, as the market tracked a pressured dollar with trade thinning ahead of year-end holidays.

Spot gold stood at $442.00/442.75 by 1123 GMT, up from $441.30/442.10 quoted late in New York on Tuesday.

"Gold is being well supported up here by the euro but conditions are very thin," one dealer said, adding that the market was set to stay in a $440-445 trading band.

The dollar was around a cent above this month's record low of $1.3470 against the euro and shuttled in a tight range against the yen as trade dwindled ahead of year-end festivities.

A weaker dollar raises the buying power of non-U.S. investors for dollar-priced gold. The euro was last at $1.3375.

Bullion dealers said thin trading was expected to produce sharper moves if the dollar reacts dramatically to upcoming U.S. data.

On Thursday the U.S. Federal Reserve's favoured inflation gauge -- the core PCE (personal consumption expenditures) index -- will be released and is expected to show a gain of just 0.1 percent in November.

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

James Moore of The BullionDesk.com said in a daily report that gold should find plenty of trading opportunities between $435 and $444.

"However bearish data...and the prospect of `safe-haven' buying ahead of the Christmas holiday, particularly in the current geo-political climate could see us test towards $448-50," he added.

Spot silver was firm at $6.89/6.90 from $6.87/6.90 in New York on Tuesday.

Platinum rose to $842.00/847.00 from $840.00/845.00 previously, while palladium rebounded to $183.00/188.00 from $179.50/185.50.

Palladium was under pressure after the market hit a 16 month low early this week at $174, with dealers looking for the price to slip further towards $160.

22 Dez 2004 13:29

22.12.2004 13:26:56 Silver fixes slightly lower, Europe gold steady

* Silver fixes slightly lower at 684.50 cents per ounce compared with previous fix at 685.00 cents. Spot slips to $6.84/6.87 from $6.87/6.90 in New York on Tuesday.

* Silver forward rates on Reuters page indicated at 2.123, 2.083, 2.015 and 1.850 for one, three, six and 12 months respectively.

* Spot gold steady in Europe at $441.50/442.25 per troy ounce by 1216 GMT from $441.30/442.10 in New York late on Tuesday.

* Bullion holds firm in quiet trade lacking direction due to narrowly traded currency markets ahead of the end-year holiday. Euro last at $1.3351 versus dollar.

* Platinum rises to $841.00/845.00 from $840.00/845.00 previously.

* Palladium rebounds to $181.00/185.00 from $179.50/185.50.

22 Dez 2004 17:16

22.12.2004 17:12:07 Gold tritt in vorweihnachtich ruhigem Handel auf der Stelle

London, 22. Dez (Reuters) - Gold hat im Mittwoch in einem zunehmend umsatzschwächeren Handel vor den Weihnachtsfeiertagen auf Vortagesniveau tendiert. In den Fussstapfen eines schwächeren Dollars kletterte das gelbe Edelmetall zunächst noch bis auf 442,72 Dollar je Feinunze, doch machten am Nachmittag besser neue US-Daten die Gewinne zu nichte, sagten Händler. Das US-Wirtschaftswachstum im dritten Quartal war angesichts weniger stark als erwartet gestiegener Importe nach oben revidiert worden, welches auch dem Dollar wieder ein wenig auf die Beine geholfen habe. Mit einer steigenden US-Währungen sinkt allerdings die Kaufkraft von Goldinvestoren aus dem Nicht-Dollar-Raum.

Mit den dahinschwindenden Volumen im Goldhandel dürften aber auch die Kursausschlägen beide Richtungen an Intensität gewinnen.

Zunächst dürfte sich der Goldkurs aber mit dem Spielraum von 435 bis 444 Dollar begnügen, schreibt Analyst James Moore vom Branchendienst thebulliondesk.com. Sollten jedoch schlechte makroökonomische Daten aus den USA eintreffen, oder eine "safe haven"-Kaufbewegung einsetzen, könnte Gold unter Umständen die Marke von 448 bis 450 Dollar testen. Am Donnerstag steht die Veröffentlichung eines von der US-Notenbank Fed stark beachteten Inflationsindizes an.

Zum europäischen Handelsschluss stand die Feinunze Gold bei 440,20/440,95 Dollar nach 440,80/441,60 Dollar am Vorabend. Das zweite Fixing in London erfolgte bei 441,00 und am Vormittag bei 442,70 Dollar. Am Vorabend war Gold bei 440,95 Dollar gefixt worden.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.211/16.461 (Vorabend 16.219/16.469) sfr an.

pma/ajs

22 Dez 2004 17:50

22.12.2004 17:44:35 Europe gold drifts to easier close

* Spot gold finishes slightly lower in Europe at $440.20/440.95 per troy ounce by 1615 GMT from $441.30/442.10 in New York late on Tuesday. * Bullion quiet and lacking direction due to narrowly traded currency markets ahead of the end-year holiday. Euro last at $1.3384. * Silver slips to $6.84/6.87 from $6.87/6.90 in New York on Tuesday. * Platinum unchanged at $840.00/844.00 an ounce. * Palladium rebounds to $182.00/186.00 from $179.50/185.50.

22 Dez 2004 17:52

22.12.2004 17:43:40 UPDATE 1-Europe gold slightly weaker, trade thins

LONDON, Dec 22 (Reuters) - Gold slipped on Wednesday in Europe but stayed in narrow ranges as the market tracked the dollar with trade thinning ahead of year-end holidays, dealers said.

Spot gold stood at $440.50/441.25 an ounce by 1123 GMT, down from $441.30/442.10 late in New York on Tuesday.

"Volumes have been light, reflecting the relative calm in the currency markets and the lack of any gold-specific news to move the market," Alan Williamson, analyst with HSBC Bank, said in a report.

"Trading is likely to continue to be quiet ahead of the Christmas and New Year holidays," he said, but added that Thursday's U.S. economic data might move the market.

October personal income data are due to be released at 1330, along with November durable goods shipments and the University of Michigan's consumer confidence data for December at 1445 GMT.

The dollar was mixed in narrow ranges, strengthening slightly in the afternoon.

A weaker dollar raises the buying power of non-U.S. investors for dollar-priced gold. The euro was last at $1.3382/85.

James Moore of The BullionDesk.com said in a daily report that gold should find plenty of trading opportunities between $435 and $444.

"However bearish data...and the prospect of `safe-haven' buying ahead of the Christmas holiday, particularly in the current geo-political climate could see us test towards $448-50," he added.

Spot silver fell to $6.83/6.87 from $6.87/6.90 in New York on Tuesday.

Platinum was unchanged at $840.00/844.00, while palladium gained to $182.00/186.00 from $179.50/185.50.

Palladium was under pressure after the market hit a 16-month low early this week at $174, with dealers looking for the price to slip further towards $160.

22 Dez 2004 18:13

22.12.2004 18:10:07 Commodities News Summary

TOP NEWS
> COMEX copper shoots to high, sellers grab profits [nN22391426]

NEW YORK - COMEX copper futures shot up to a new contract high just after the open on Wednesday, then quickly backed off as speculators sold into the rally, traders said,

- - - -

> NY March coffee slides over 4 pct on fund selling [nN22487283]

NEW YORK - New York arabica coffee futures tumbled more than 4 percent Wednesday amid fund liquidation after hitting a contract high the previous session, traders said.

- - - -

> London coffee loses almost 7 pct on NY drop [nL22285806]

LONDON - London coffee futures fell almost seven percent as tumbling prices on the New York market sent London through support levels, traders said.

- - - -

> UPDATE 1-Europe gold slightly weaker, trade thins [nL22158439]

LONDON - Gold slipped on Wednesday in Europe but stayed in narrow ranges as the market tracked the dollar with trade thinning ahead of year-end holidays, dealers said.

- - - -

> CBOT soy falls early, weaker cash markets weigh [nN22497160]

CHICAGO - Soybean futures at the Chicago Board of Trade fell early Wednesday, pressured by weaker processor basis bids after bean movement picked up this week when futures rallied, traders said.

- - - -

GRAINS/OILSEEDS/LIVESTOCK > Heavy snow and bitter cold to sweep US SRW wheat b [nN22343180]

CHICAGO - A lot of snow accompanied by bitter cold temperatures will sweep through the U.S. Midwest soft red winter wheat region late this week, a private forecaster said on Wednesday.

- - - -

> UPDATE 1-S.Korea finds suspected milder bird flu a [nSEO209500]

SEOUL - South Korea has discovered a suspected milder form of avian flu at a duck hatchery and will slaughter 9,000 ducks in a bid to prevent the virus from spreading, the government said on Wednesday.

- - - -

> UPDATE 1-Japan says person had bird flu virus, no [nT204760]

TOKYO - Japan's Health Ministry said on Wednesday that at least one person had been infected with the bird flu virus after an outbreak among chickens in February but that there was no chance that this person would infect others.

- - - -

> UPDATE 1-Indonesia sets new commodity import tarif [nJAK159416]

JAKARTA - Indonesia has set new key commodity import tariff levels for 2005, including for corn, rice, sugar and soybeans, according to a ministerial decree obtained by Reuters on Wednesday.

- - - -

> UPDATE 1-Russia grain and sugar beet crops rise [nL22121005]

MOSCOW - Russia's grain harvest rose to 77.6 million tonnes this year from 67.2 million in 2003, the Federal State Statistics Service said on Wednesday quoting preliminary data.

- - - -

> UPDATE 2-Bulgaria sees wheat crop of up to 4.0 mln [nL22167555]

SOFIA - Bulgaria will produce up to 4.0 million tonnes of wheat next year if the weather remains favourable, Agriculture Minister Mehmed Dikme said on Wednesday.

- - - -

METALS > UPDATE 1-Alcoa signs pact to boost Jamalco's alumi [nN22310135]

NEW YORK - Alcoa Inc. (/AA.N) said on Wednesday it signed an agreement in principle with Jamaica's government to expand the Jamalco alumina refinery in Clarendon, Jamaica, by more than 1.5 million tonnes per year.

- - - -

> UPDATE 3-Russia auctions off hefty slice of steel [nL22219573]

MOSCOW - The management of Russian steel giant MMK secured a stranglehold over the company on Wednesday, winning an auction for the state's remaining stake in it and separately snapping up shares from a rival.

- - - -

> China copper smelter closed amid arsenic probe [nHKG233334]

HONG KONG - A copper smelter in Fuxin city has been temporarily closed while environmental authorities investigate reports that some workers were made sick by the smelter's arsenic emission two weeks ago.

- - - -

> Poland's KGHM says mine fire won't affect output [nL2247466]

WARSAW - Polish metals group KGHM (KGHM.DE) said on Wednesday its output will not be affected by a fire in one of its mines, as the shaft was not in operation.

- - - -

SOFT COMMODITIES > Coffee deficit forecast strikes chord among bulls [nL22186619]

LONDON - Global coffee production may fall short of demand for a second straight year in 2004/05, a leading analyst said on Wednesday amid the recent price surge on New York's arabica market.

- - - -

> Brazil CS crushes 324.5 mln tonnes sugarcane-Unica [nN22NICA]

SAO PAULO, Brazil - Brazil crushed 324.5 million tonnes of sugarcane by Dec. 15 of the expected 2002/03 Center-South bumper crop, up 8.7 percent from the 298.5 million harvested a year ago, the Sao Paulo Cane Industry Union (Unica) said Wednesday.

- - - -

> INTERVIEW-Strong rand hits S.Africa sugar exporter [nL225691]

JOHANNESBURG - South Africa's surging rand has hit sugar exporters despite a strong dollar-denominated global sugar price, an industry body said on Wednesday.

- - - -

© Reuters 2004

22 Dez 2004 22:12

22.12.2004 22:02:11 UPDATE 1-Newmont says Indonesia emissions not harmful

(Adds background, more comments from spokesman)

DENVER, Dec 22 (Reuters) - Newmont Mining Corp. (/NEM.N) said on Wednesday its gold operations in Indonesia released mercury, but the toxic emissions were not at levels harmful to people or the environment.

"We predicted in the permitting (for the mine) that there would be mercury emissions," spokesman Doug Hock said.

Hock said an article in the New York Times that the Denver-based gold miner received an internal report three years ago that said it allowed mercury vapors to be released into the air "misrepresented the facts."

"At no time did any test or monitoring data show that there were health impacts to employees or the community as a result of our operations," he said.

Newmont has repeatedly denied claims that waste from a unit polluted eastern Indonesia's Buyat Bay.

The company has found itself in a public relations nightmare since the New York Times has begun writing about environmental issues at the Indonesian unit.

Indonesian Environment Minister Rachmat Witoelar said he would seek clarification from Newmont over the Times article. Indonesia prosecutors have said they plan to soon file charges over the allegations about the mercury waste.

In October Newmont said it was vindicated by reports -- one by the Indonesian government and one by the World Health Organization -- showing that Buyat Bay was not polluted.

Hock said Newmont installed mercury scrubber at its Minahasa operation in 1997 and 1998.

"While the scrubber did experience some operational issues, emissions from the plant at no time endangered human health or the environment," Hock said.

Hock said the company planned a statement later on Wednesday.

Newmont stock was off 64 cents at $44.81 after being down 74 cents earlier.

23 Dez 2004 10:25

23.12.2004 07:05:00 Gold regains $440/oz in Asia as dollar weakens

(Updates to afternoon)

SINGAPORE, Dec 23 (Reuters) - Gold regained $440 an ounce in Asia on Thursday as the dollar weakened aganist the euro, but volumes were thin ahead of year-end holidays.

Spot gold was trading at $440.75/441.50 an ounce by 0533 GMT, up from New York's last quoted level of $439.20/439.95 an ounce, and against London's afternoon fix at $441 an ounce.

The Tokyo gold futures market was closed for the Emperor's Birthday, a public holiday. The benchmark December gold contract ended up five yen at 1,486 yen on Wednesday.

Dealers said gold's outlook was positive because of weak dollar. Some expected the metal to reach $500 next year with the euro expected to move towards $1.50.

Tension in Iraq, lower mine production, fewer central bank sales, and less hedging from miners, also lent support, they said.

Slower pre-holiday trade in Japan, one of the world's main gold consumers, put pressure on premiums for gold bars .

The bullion market was looking for inspiration from U.S. jobless claims, durable goods, University of Michigan consumer sentiment, new home sales, and M2 and banking data due later on Thursday.

But N.M Rothschild said in a report the data was unlikely to have a significant impact on the bullion market because of the holiday-shortened week.

"It is difficult to see it (gold) move far from the $440 level over the next week due to market holidays and year-end position squaring," said the report.

New York metals will shut early on Thursday and will remain closed Friday in observance of Christmas Day, which falls on Saturday this year.

The euro was trading at $1.3437 , versus around $1.3385 in late U.S. trade. A firmer euro makes dollar-priced gold a bargain for holders of other currencies.

In Hong Kong, a key bullion trading city in East Asia, dealers said they didn't expect fresh demand from jewellery manufacturers until early next year.

"I think that's all for 2004," said Jimmy Pan, chief dealer at Hing Fung Goldsmith.

In other precious metals, platinum was trading at $842/847 an ounce. Sister metal palladium was at $183/188 an ounce, compared with $182/186 in late U.S. trade

Silver was at $6.82/6.85 an ounce, versus $6.77/6.80 in New York.

Wunderschöne Weihnachten für alle, und..

kauft mehr Lametta...

23 Dez 2004 13:45

23.12.2004 13:39:02 Silver fixes up, Europe gold firms on weak dollar

* Silver fixed higher at 688.00 cents per ounce, compared with previous fix at 684.50 cents. Spot moves up to $6.82/6.85 from late New York's $6.77/6.80.

* Silver forward rates on Reuters page indicated at 2.123, 2.083, 2.015, 1.850 for one, three, six and 12 months respectively.

* Spot gold moves up to $441.75/442.50 per troy ounce by 1229 GMT, compared with $439.20/439.95 late on Wednesday in New York.

* Bullion rises on dollar weakness against euro, but trading volumes thin ahead of year-end holidays. Euro last at $1.3455.

* Platinum rises to $839.00/843.00 from $830.50/844.50, while palladium dips to $180.00/184.00 from $182.00/186.00.

23 Dez 2004 17:02

23.12.2004 16:49:31 Gold-Handel von vorweihnachtlicher Ruhe gekennzeichnet

London, 23. Dez (Reuters) - Gold ist am Donnerstag in einem sehr ruhigen Handel kaum von der Stelle gekommen. Das Geschehen sei in sehr engen Spannen abgelaufen, und weder der am Nachmittag kurzzeitig auf ein neues Rekordtief eingebrochene Dollar noch die Wirtschaftsdaten aus den USA hätten zu einer merklichen Belebung geführt. Die Wechselkursentwicklung sollte vor dem Hintergrund der dünnen Umsätze ebenfalls nicht überbewertet werden. Die meisten Marktteilnehmer hätten ihre Transaktionen für dieses Jahr bereits abgeschlossen. Deshalb sei es schon sehr wahrscheinlich, dass Gold das Jahr auf dem derzeitigen Niveau beschliesse.

Allerdings könnte es noch zu letzten Gewinnmitnahmen in spekulativen Long-Positionen kommen. Obwohl die Zeit dafür langsam knapp werde, könnte es noch zu weiteren Auflösungen kommen, doch dürfte Gold, falls der Euro noch steigen sollte, eher am oberen Ende der Spanne von 437 bis 444 Dollar tendieren.

Insgesamt sehen die Analysten dem kommenden Jahr aber optimistisch entgegen, da das gigantische US-Zwillingsdefizit wohl noch weiter zunehmen und damit den Dollar unter Druck setzen dürfte. Von dieser Bewegung profitiere im allgemeinen das in der US-Währungen gehandelt Gold.

Zum europäischen Handelsschluss stand die Feinunze Gold bei 441,75/442,25 Dollar nach 440,20/440,95 Dollar am Vorabend. Das zweite Fixing in London erfolgte bei 441,10 und am Vormittag bei 442,40 Dollar. Am Vorabend war Gold bei 441,00 Dollar gefixt worden.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.119/16.369 (Vorabend 16.211/16.461) sfr an.

24 Dez 2004 09:27

24.12.2004 08:50:01 TOCOM gold slips on yen, platinum tracks New York

TOKYO, Dec 24 (Reuters) - Tokyo gold futures fell on Friday due to the firm yen although bullion's strength provided some support, while platinum also dipped tracking moves in New York.

Gold investors at the Tokyo Commodity Exchange (TOCOM) were also factoring in currency movements from Thursday when TOCOM was closed for the Emperor's Birthday, a public holiday.

The dollar was fetching 103.70/.76 yen at 0630 GMT, little changed against late U.S. trade, but weaker than around the same time on Wednesday when it was trading at 104.29/34.

The U.S. currency held near a record low against the euro on Friday after the currency succumbed the previous day to weak U.S. economic data including disappointing housing figures.

The benchmark December gold contract on TOCOM finished down 10 yen per gram at 1,476 yen, after moving narrowly between 1,474 yen and 1,480 yen.

Other months fell by eight to 11 yen.

"The heavy volume of long positions was behind gold's rise, and now we have people locking in their profits," a Tokyo analyst said.

TOCOM gold is now down about 2 percent from a 12-year high of 1,505 yen marked on Dec. 2.

In New York, U.S. gold futures closed moderately higher on Thursday before an early close and Friday's holiday, after failing to rise sharply despite the euro's rally to an all-time high against the dollar.

February-delivery gold closed at $442.90 an ounce, up $1.50 at the New York Mercantile Exchange's COMEX division.

In the spot market, gold was fetching $441.75/2.75 an ounce at TOCOM's closing bell, compared with $440.50/1.25 last quoted in New York.

Other precious metals mostly tracked moves in New York in the absence of fresh incentives.

"There's little in the way of fundamentals, the mood is more like the year's pretty much over," the Tokyo analyst said.

The benchmark December platinum futures contract closed down 22 yen at 2,736 yen, after moving between 2,732 yen 2,747 yen.

Spot platinum was at $842/847, up from New York levels of $839.50/844.50 an ounce.

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 1,476 (down 10) 61,366
SILVER 228.3 (down 2.9) 3,367
PLATINUM 2,736 (down 22) 42,483
PALLADIUM 613 ( - ) 693

24 Dez 2004 09:29

24.12.2004 06:02:14 Gold climbs in Asia ahead of holiday in thin trade

SINGAPORE, Dec 24 (Reuters) - Gold rose nearly $2 an ounce in Asia on Friday as the U.S. dollar fell, though gold futures weakened in Tokyo and trading, which was thin ahead of Christmas, remained within a tight $441 to $443 range.

Spot gold was at $442.00/442.75 an ounce by 0450 GMT, up from New York's late $440.50/441.25, as the dollar hovered near record lows against the euro.

A weaker dollar makes dollar-priced gold a bargain for holders of other currencies. The euro was trading at $1.3503, just off the record high of $1.3518.

In Tokyo gold futures, the benchmark December gold contract lost seven yen at 1,479 yen as investors took profit ahead of the weekend.

Some dealers said gold would regain to $450 in January and probably rise to $500 an ounce later in 2005 on lower mining output and prospects of rising demand in main buyers India and China.

There was also talk of additional demand of up to 400 tonnes in 2005, with more bullion trading centres expected to launch exchange-traded funds (ETF), they said.

A gloomy outlook for the dollar, given the United States' current account and budget deficits, was also a supporting factor for gold, which hit a 16-year high at $456.75 in early December.

Yukuji Sonoda, a precious metals analyst at Daiichi Commodities in Tokyo, believed India would eventually scrap the import tax for gold, which should boost sales in the world's largest consumer.

"Japan will also start ETF (trading) in near future," said Sonoda.

Gold's main commercial use is in jewellery and trinkets, which in India and other consuming countries in Asia may go into dowry chests or into safe-keeping as treasure.

The exchange-traded fund, which is sponsored by World Gold Trust Services LLC, a subsidiary of the World Gold Council, was successfully launched on the New York Stock Exchange last month.

Gold ETFs have also been listed in Australia, Britain and South Africa.

The bullion-backed fund is seen as an alternative to investing in physical gold, which is an expensive buy for small retail players. There was speculation in Asia that Hong Kong would launch exchange-traded funds in late 2005.

"Christmas is coming, so it's very quiet here. There's no physical demand," said one dealer in Hong Kong, a key bullion trading city in East Asia.

"I would expect gold to trade in $441 to $443 range during the European trading session," he said.

The New York market will be closed on Friday, ahead of Christmas on Saturday.

In other precious metals, platinum was trading at $843/848 an ounce, versus $839.50/844.50 late in New York.

Sister metal palladium was at $184/190 an ounce, compared with $181/187.

Silver was at $6.87/6.90 an ounce, versus $6.86/6.90.

24 Dez 2004 12:08

24.12.2004 12:05:10 Gold firm in Europe on weak dollar, seen in range

LONDON, Dec 24 (Reuters) - Gold prices rose in Europe on Friday as an ailing dollar slid to a record low against the euro, but market activity was restrained ahead of the end-year holiday, dealers said.

Spot gold stood at $442.00/442.75 an ounce by 1058 GMT, compared with $440.50/441.25 in New York on Thursday. Gold was fixed on Friday morning at $442.20.

"The market has responded to the euro but it's very much range-bound as people have done what they were going to do ahead of Christmas. I don't see things changing much -- unless we get any fundamental shocks," one dealer said.

The euro hit record highs versus the dollar for a second day on Friday, boosted in thin trade by worries about the U.S. current account deficit and economy and an apparent lack of official concern at the dollar's slide.

The single European currency pushed above the key $1.35 level after data showing U.S. new home sales tumbled 12 percent in November, the sharpest decline in more than a decade.

Euro strength raises the buying power of non-U.S. investors for dollar-priced gold.

In other precious metals, silver moved up to $6.92/6.95 from New York's late $6.86/6.90. Platinum gained to $844.00/848.00 from $839.50/844.50, while palladium fell back to $179.00/183.00 from $181.00/187.00.

There are no afternoon fixes on gold, platinum and palladium due to early London market closures for Christmas holidays, with normal trade resuming on December 29.

27 Dez 2004 10:58

27.12.2004 09:09:01 Tokyo gold rises as dollar slips, quake supports

TOKYO, Dec 27 (Reuters) - Tokyo gold futures advanced on Monday, helped by firmness in the dollar-based spot price, with a devastating earthquake that hit Asian regions the previous day lending psychological support.

The benchmark platinum futures on the Tokyo Commodity Exchange (TOCOM) rose more than 1 percent, with Japanese retail investors active buyers, traders said.

"Gold will be supported as underlying fundamentals for the dollar are not likely to improve greatly," said Kaname Gokon, research section manager at Okato Shoji Co. Ltd.

"There continues to be strong bargain-hunting appetite for gold, which is also lending support to other precious metals."

The benchmark TOCOM gold contract for December 2005 delivery closed up 3 yen per gram at 1,479 yen. It had risen to a session high of 1,485 yen, but traders were careful about boosting positions ahead of year-end holidays.

Trading at TOCOM ends in the morning session on Tuesday for this year and trading resumes on Jan. 4.

The dollar hit a record low of $1.3550 against the euro on Monday, pressured by Friday's data showing U.S. new home sales tumbled 12 percent in November, the sharpest decline in more than a decade.

At 0747 GMT, spot gold was quoted at $442.75/3.50 an ounce, compared with the late Friday European level of $442.00/2.75.

The key TOCOM platinum rose 33 yen per gram at 2,769 yen. It had moved in a range of 2,740 to 2,782.

Yen-based gold and platinum prices found support after a powerful earthquake that unleashed tsunami waves across Asia on Sunday provided psychological impact to retail investors.

"Yen-based investors bought (TOCOM) futures today because the earthquake had an impact in dragging down Asian currencies. Japanese investors are very sensitive about earthquakes," said Hiroyuki Kikukawa, associate director at Nihon Unicom Corp.

The earthquake weakened emerging currencies such as the Thai baht on Monday.

Japanese retail investors have been already diversifying to gold coins and bars amid a growing willingness to hold hard assets after a series of typhoons across Japan and a major earthquake October, traders said.

TOCOM palladium was the sole loser as investors reamined eager about slashing their positions before year-end holidays reflecting its weak fundamentals, with deteriorating technical trends, traders said.

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

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

For open interest details please click

Closing price Turnover (lots)
GOLD 1,479 (up 3) 40,859
SILVER 230.7 (up 2.4) 2,393
PLATINUM 2,769 (up 33) 54,096
PALLADIUM 603 (down 10) 802

27 Dez 2004 17:33

27.12.2004 16:23:54 Gold in dünnem europäischen Geschäft kaum verändert

London, 27. Dez (Reuters) - Der Goldhandel in Europa hat sich am Montag in sehr ruhigen Bahnen bewegt. Mit London blieb der europäische Haupthandelsplatz für das gelbe Metall feiertagsbedingt geschlossen; in Grossbritannien werden am Montag und Dienstag die beiden Weihnachtsfeiertage nachgeholt und der Handel startet erst wieder am Mittwoch.

Gold notierte kurz vor Handelsschluss in Europa mit 442,40/443,20 Dollar je Feinunze kaum verändert gegenüber dem Freitag-Schlusswert von 442,30/443,10 Dollar. Der Kurs bewegte sich im Tagesverlauf in einer sehr engen Spanne von nur etwas über einem Dollar. Das letzte Goldfixing vom vergangenen Freitagvormittag hatte auf 442,20 Dollar gelautet.

Tendenziell erhält Gold weiter vom nachgebenden Dollar Unterstützung. Der Euro markierte im Tagesverlauf ein neues Rekordhoch knapp über 1,3570 Dollar und Devisenhändler schliessen nicht aus, dass die Einheitswährung in den in diesem Jahr noch verbleibenden Handelstagen noch 1,3750 Dollar erreichen könnte. Ein schwacher Dollar macht das in der US-Währung angeschriebene Gold für Anleger aus anderen Währungsräumen attraktiver.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.149/16.399 (Freitagabend 16.119/16.369) sfr an.

par/och

27 Dez 2004 21:20

27.12.2004 20:31:22 Quiet NY gold rises as euro hits new high

NEW YORK, Dec 27 (Reuters) - Gold rose in New York on Monday and other other precious metals benefited even more from dollar disinvestment as the euro rose to a new high in thin year-end trade.

On the COMEX division of the New York Mercantile Exchange, gold for February delivery settled at $446.20 an ounce, up $3.30 from Thursday's close before the U.S. Christmas Eve market holiday. The range was $443.40 to $446.70.

Christmastime volume was a very light 12,000 contracts. Gold opened firm but many participants were out of the market for UK public holidays on Monday and Tuesday. London bullion trade will reopen on Wednesday.

The six-year old euro traded above $1.36 for the first time around midmorning on Monday, giving gold a shot in the arm and magnifying gains in silver and platinum.

"I would have expected more of a move given the euro push up," said Paul McLeod, a vice president of precious metals at Commerzbank Securities. "So, gold is lagging behind a little bit. We're waiting to see over the next couple of days if it does make a push to the upper part of the range."

Investment funds chased gold to a 16-year high near $460 an ounce early this month as the dollar fell on worries about economic growth and ballooning U.S. current account and budget deficits.

"We're in the middle of a $430-$450 range," said a New York bullion trader. "But you've got to like gold as long as we continue to hold $430. The euro really did mount a nice rally against the dollar so there could be some catching up in the gold market."

Spot gold rose to $444.35/5.10 from Thursday's close at $440.50/1.25.

March silver jumped 9.0 cents to $7.068 an ounce, trading from $6.935 to $7.095. Spot was quoted at $6.95/99, up from $6.86/90 Thursday afternoon.

NYMEX January platinum jumped $34.8 to $875.00 an ounce. Spot platinum closed at $858/863.

March palladium went up $1.55 to $190.00 an ounce. Spot was indicated at $185.50/191.50.

Floor brokers said the market was focused on rolling long positions out of January platinum.

Starting on Dec. 30, first notice day for NYMEX platinum and palladium deliveries will occur on the last business day of the month preceding the contract month, instead of the first business day of the contract month. This will align NYMEX with the practice for COMEX metals deliveries.

28 Dez 2004 09:49

28.12.2004 05:28:46 Tokyo gold buoyant as dollar sinks to record low

TOKYO, Dec 28 (Reuters) - Tokyo gold futures advanced on Tuesday as the dollar's fall to a record low against the euro encouraged fund operators to increase their positions, also pushing up platinum futures.

Precious metals futures on the Tokyo Commodity Exchange (TOCOM) closed this year's trading at the end of the morning session. The market will reopen on Jan. 4.

"There are very few players out there, but the dollar's weakness is basically driving up gold and other precious metals," said a senior manager at a Japanese trading house.

"The market is in a good mood and there is an increasing chance that hedge funds will shift money back to precious metals from the start of the year given the weakness of the dollar, with plenty of interest in holding gold for safe-haven purposes."

TOCOM futures prices have been supported as the dollar-based spot price remains solid above $440 per ounce.

As of 0346 GMT, spot gold was quoted at $444.75/5.50 compared with the late U.S. level of $444.35/5.10 on Monday.

The benchmark gold contract for December 2005 delivery closed up 3 yen per gram at 1,482 yen. It had moved in a range of 1,479 to 1,483 yen.

Other contracts closed between 3 yen down and 3 yen up.

Although the benchmark TOCOM gold contract has fallen from a 12-year high of 1,505 yen set on Dec. 2, traders were still willing to buy gold due to its strong fundamentals.

The technical trend remains bullish as the key contract has stayed above the closely watched 1,400 yen level since early August.

This year's low for the key contract was 1,349 yen, hit in early February.

BULLISH OUTLOOK
"In order to test the upside again, the market will need some more downward corrections," said Akira Doi, director at Daiichi Commodities.

Doi said, however, there were plenty of reasons to buy gold with demand for the yellow metal growing after the launch of exchange-traded funds (ETFs) in New York last month.

Some central banks such as that of Argentina were also showing demand for gold, but there were few plans for major gold exploration projects, Doi said.

On the macroeconomic front, uncertainty about the outlook for the U.S. economy and the dollar's weakness were expected to increase interest in gold, he added.

The dollar fell to a record low of $1.3640 against the euro in New York on Monday.

The U.S. currency was under new pressure after data on Friday showed U.S. new home sales tumbled 12 percent in November, the sharpest decline in more than a decade.

TOCOM platinum advanced further on fund-led buying, with some being squeezed following recent rallies, traders said.

The benchmark platinum contract has gained more than 4 percent since dropping to a five-month low of 2,674 yen per gram on Dec. 10. It closed up 14 yen at 2,783 yen.

Other contracts rose 5 to 12 yen.

TOCOM platinum hit a 16-year high of 3,127 yen in April, but has been on a downtrend since London-based refiner Johnson Matthey projected in November that supplies of the metal would exceed demand in 2005 for the first time in several years.

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 1,482 (up 3) 26,960
SILVER 228.8 (down 1.9) 2,044
PLATINUM 2,783 (up 14) 33,696
PALLADIUM 611 (up 794