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.