Beiträge von GoldenCentury

16 Feb 2005 14:38

16.02.2005 12:47:29 Europe gold drifts lower, market eyes Greenspan

LONDON, Feb 16 (Reuters) - Gold prices were down slightly in Europe on Wednesday as the dollar steadied ahead of testimony from Federal Reserve Chairman Alan Greenspan that may touch on the U.S. current account deficit, dealers said.

Silver was falling fast as technical selling emerged after the market reached overbought territory.

Spot gold eased to $423.90/424.60 per troy ounce by 1127 GMT from $425.50/426.20 late in New York on Tuesday. Silver was down at $7.12/7.15 from $7.32/7.35.

"Gold could get sucked into liquidation, especially if Greenspan says something dollar-positive later today," a dealer said.

Investors were waiting to hear if Greenspan would reiterate his recent upbeat comments about the U.S. current account deficit, the size of which has fanned deep market concerns and drove the dollar to record lows versus the euro last year.

The dollar's losses were a significant factor behind gold's rise to a 16-1/2-year peak in December at $456.75 given the inverse relationship between the two.

The euro was last at $1.3028.

Greenspan is due to testify on monetary policy before the Senate Banking Committee from 1500 GMT. He will make the second part of this twice-yearly testimony on Thursday.

Analysts were still maintaining a bullish picture for gold, despite the possibility of short-term losses.

"On the charts resistance at $428, and beyond that $431 (a pivotal technical point), continues to cap the market and a retracement back towards $420 is likely if these hurdles are not overcome," Standard Bank said in a daily report.

For silver an extended period of consolidation between $7.00 and $7.35 was seen after aggressive selling in Asian trade overnight, it added.

Platinum edged up to $859.00/864.00 from $850.00/854.00 late in New York on Tuesday.

The market was steadying from Tuesday's sharp drop compounded by a report forecasting a platinum market surplus from refiner Johnson Matthey.

Palladium dipped to $178.00/183.00 from $180.00/184.00.

16 Feb 2005 11:43

16.02.2005 10:36:08 Tokyo gold up, technical glitch limits some activity

TOKYO, Feb 16 (Reuters) - Yen-based gold futures edged up on Wednesday, supported by the recent weakness of the dollar and lingering geopolitical wariness, but activity was restrained by a computer problem at the Tokyo Commodity Exchange.

The key December gold contract closed at a session high of 1,441 yen per gram but failed to break through 1,442 yen, this year's peak matched on Tuesday as traders waited for remarks by Federal Reserve Chairman Alan Greenspan later in the day.

"Gold is still firm and in a bullish trend, but there were few incentives to buy further," said Koji Suzuki, manager at Star Futures Securities.

"People are waiting for a clearer direction in the dollar to judge whether to hold more positions in gold."

Traders said the market's mood was depressed after system problems forced TOCOM to suspend for several hours trading of all gasoline futures contracts for a second straight day.

Because of the glitch, TOCOM imposed temporary trading restrictions that forbid traders from changing bid and offer numbers for orders placed for all other energy and metals futures contracts.

Traders said TOCOM's measures had made fund operators, who trade in large lots, less active.

Other gold contracts rose one to five yen. The key December contract closed up five yen from Tuesday's close of 1,436 yen.

At 0811 GMT, spot bullion was quoted at $425.25/6.00 an ounce against $425.50/6.20 in New York.

The dollar was around 105 yen , up from 104.40 yen late in New York, while trading little changed against the euro at $1.3020 .

The dollar traded around 106 yen and around $1.2730 against the euro just a week ago.

Funds also remained keen to hold positions in gold amid concerns about the nuclear ambitions of North Korea and Iran, traders said.

TOCOM silver futures posted solid gains for the fifth straight session.

The December silver contract rose to a two-month high of 243.2 yen per 10 grams as fund operators continued to boost positions in the grey metal.

The daily limit was raised to 10.5 yen from seven yen from Wednesday after most silver futures contracts hit the daily limit high in the past two days.

TOCOM silver faced some profit-taking pressure around highs on Wednesday, but sentiment remained strong, traders said.

December silver closed 3.6 yen higher at 242.5 yen. It had moved in a range of 239.1 to 243.2 yen.

Platinum futures found support after rounds of heavy liquidation sent the key contract below a technically important level of 2,800 yen, traders said.

On Tuesday, key December platinum futures tumbled after hitting a three-month high of 2,884 yen, but failed to hit the closely watched 2,900 yen level, traders said.

December platinum ended at 2,835 yen per gram, up 10 yen from Tuesday's close of 2,825 yen. It had moved in a range of 2,791 to 2,835 yen.

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

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

For open interest details please click

Closing price Turnover (lots)
GOLD 1,441 (up 5) 53,251
SILVER 242.5 (up 3.6) 13,054
PLATINUM 2,835 (up 10) 52,759
PALLADIUM 618 (down 10) 658

16 Feb 2005 09:59

16.02.2005 06:09:13 Gold flat in Asia trade, seen in $424-$428 range

(Updates to afternoon)

SINGAPORE, Feb 16 (Reuters) - Gold was little changed in Asia on Wednesday and was expected to remain within a slim $424 to $428 per ounce range ahead of remarks by Federal Reserve Chairman Alan Greenspan, which should offer fresh leads for the dollar, traders said.

Spot gold was quoted at $425.40/425.90 per ounce by 0436 GMT, against $425.50/426.20 late in New York.

The market paused for breath after the metal hit $426.85 on Tuesday, its highest in nearly three weeks and not far from resistance of $428.

Indeed, dealers expect limited price movements ahead of Greenspan's congressional testimony on the state of the U.S. economy later in the day and on Thursday.

"We are looking at the upside of $428 and I think we should stay above $422 an ounce," said Beh Hsia Wah, a dealer at United Overseas Bank in Singapore, a centre for bullion trading in Southeast Asia.

"It's very quiet over here but premiums remain high."

Indonesia's healthy appetite for gold was compensating for slow demand from other Asian consumers after the Lunar New Year holidays, traders said. That helped support gold bar premiums at 50 U.S. cents an ounce to London spot prices .

Fears of inflation amid a prospect of rising domestic fuel prices have encouraged gold purchases in Indonesia, Southeast Asia's largest consumer of the metal, dealers said.

In the currency market, the euro was steady at $1.3019.

In other precious metals, spot silver was at $7.22/7.24 an ounce, against $7.32/7.35 late in New York.

Platinum was at $856/861, against $850/854.

The precious metal, which has lost nearly three percent of its value since hitting a two-month high of $882 in early February, was weighed down by reports of a possible surplus.

Precious metals refiner Johnson Matthey said on Tuesday the world platinum market is moving toward a surplus in 2005, with prices falling despite strong demand.

JM maintained its view on the market in an update to its Platinum 2004 Review, adding that prices should stay in a $760-$880 range into mid-May of 2005 -- but it also pointed to uncertainty on new mining projects.

Sister metal palladium was at $182/187 an ounce, compared with $180/184 late in New York.

In Tokyo, the benchmark December gold futures contract rose three yen per gram to 1,439 yen.

On Hong Kong's Chinese Gold and Silver Exchange, tael gold (37.5 gramme ingot) was quoted at HK$3,947 by midday, compared with an opening of HK$3,944.

15 Feb 2005 21:08

15.02.2005 20:42:32 NY gold closes flat, other precious metals mixed

NEW YORK, Feb 15 (Reuters) - U.S. gold futures settled flat on Tuesday in choppy, currency-based activity as the market was reluctant to make bold moves before two days of testimony from Federal Reserve Chairman Alan Greenspan, dealers said.

Silver showed that its recent rally still had some strength as prices ended at two-month highs, but platinum fell sharply.

"A wild day today," said Leonard Kaplan, president at Prospector Asset Management, who cited gyrations in the currencies as the dominant feature in the session.

"Everyone in the market is waiting for Alan (Greenspan) to talk tomorrow," he added.

Benchmark April delivery gold finished steady at $427.30 an ounce on the New York Mercantile Exchange's COMEX division, after trading between $425 and $428.70 -- its highest mark since Jan. 31.

Profit taking and a whippy dollar combined to cap a broad-based, 3-day rally in the precious metals after prices last week bounced from oversold levels, floor traders said.

Market participants also opted not to take on big positions in the dollar-sensitive metals, as Greenspan was preparing to speak before Congress on Wednesday and Thursday.

"I think what he's going to talk about is the Fed will continue to raise rates," said Kaplan. "If he does, then the dollar gets supported and gold goes lower."

A stronger U.S. currency makes dollar-denominated precious metals more expensive for traders holding foreign money.

Technically, gold needed to break above significant resistance between $428 and $430, Kaplan added. "If it gets over $430, we could run a bit, but we'll have to see."

As to support, brokers have pegged key levels in gold at $425-424, and then at $422-418.

Spot gold priced at $425.50/426.20 an ounce, up from $425.25/6.00 at Monday's New York close. London's afternoon fix was at $424.40.

The euro stuck near $1.3010 at midafternoon, up from $1.2969 late on Monday.

On the economic side of the ledger, net inflows of capital into U.S. assets in December slid to $61.3 billion -- near expectations and enough to finance the nation's current account deficit that month.

Separately, U.S. retail sales dipped 0.3 percent in January as auto sales tumbled, but purchases outside the car sector gained a healthy 0.6 percent.

Silver's rally slowed after prices gained more than 75 cents in a three-day bounce from support near $6.50 an ounce.

March silver rose 2.0 cents to conclude at $7.36 an ounce, trading from $7.405 to $7.21. Spot was at $7.32/35, versus $7.31/34 late on Monday. The fix was flat at $7.245.

Support in silver was seen at $7.09, $6.89 and $6.75/80, with resistance at $7.35/40 and $7.50/60 and then $8.235.

Speculative selling hit platinum after a report by refiner Johnson Matthey forecast the global market moving toward surplus this year, despite firm demand.

NYMEX April platinum dropped $22.20 to $852.90 an ounce. Spot fetched $850/854.

March palladium was down $2.80 to $185.35 an ounce. Spot was worth $180/184.

15 Feb 2005 17:45

15.02.2005 17:32:04 Commodities News Summary

TOP NEWS
> 3rd Iraq purchase of US wheat; tally tops $35 mln [nN15231229]

WASHINGTON - Iraq's grain-buying agency made its third purchase of U.S. wheat in three weeks with the exporters reporting the sale of 100,000 tonnes of hard red winter wheat to Baghdad on Tuesday.

Some 315,000 tonnes of U.S. wheat have been sold since Jan. 25 to Iraq. The grain is worth $35.7 million at current prices at the Chicago Board of Trade.

- - - -

> Gold under dollar-led pressure in Europe [nL15275689]

LONDON - Gold prices were lower in Europe on Tuesday in choppy, currency-led trade, with the market abandoning a struggle to break higher when the dollar stood firm.

In other precious metals, platinum fell sharply as Asian selling overnight was compounded after a report from refiner Johnson Matthey, which continued to see the global market moving towards surplus this year.

- - - -

METALS > Matthey sees platinum surplus despite firm demand [nL15716505]

LONDON - The world platinum market is seen moving toward surplus this year, with prices falling despite strong demand, precious metals refiner Johnson Matthey said on Tuesday.

JM maintained its view on the market in an update to its Platinum 2004 Review, adding that prices should stay in a $760-$880 range into mid-May of 2005 -- but it also pointed to uncertainty on new mining projects.

- - - -

> Messina Platinum says workers on illegal [nL15103105]

JOHANNESBURG - South Africa's Messina Platinum said on Tuesday it had been hit by an illegal strike at its mining operations, eroding its shares.

Messina, 91.5 percent owned by Canada's Southern Platinum Corp , said 138 rock drill operators who had laid down tools had been dismissed over the weekend and were expected to be replaced.

- - - -

GRAINS/OILSEEDS/LIVESTOCK > EU wheat prices firm, exports buoy London futures [nL15138946]

PARIS - European wheat prices edged up on Tuesday, supported in Britain by good export demand and in France by short-covering, sellers' reluctance to trade as well as a higher close in Chicago, traders said.

- - - -

> Oil World cuts soy crop forecast on Latam weather [nL14448696]

HAMBURG - Oil World has cut its forecast of the world 2004/05 soybean crop to 221.75 million tonnes, down by 1.6 million on its previous estimate two weeks ago.

- - - -

> Ukraine aims to export 5-10 mln T grain a year [nL15264037]

KIEV - Ukraine, which plans to produce over 40 million tonnes of cereals annually, should export between 5.0 million and 10.0 million tonnes of grain each year, President Viktor Yushchenko said on Tuesday. "The world has to know that Ukraine is the country which will export 5-10 million tonnes of grain annually," Yushechenko told a farmers' meeting in Kiev.

- - - -

> Tunisia buys 50,000 T feed barley in tender [nL15153313]

HAMBURG - Tunisia's state-run Office des Cereales bought 50,000 tonnes of optional-origin feed barley in a tender for the same volume which closed on Tuesday, traders said.

It was purchased in two 25,000 tonne consignments priced at $163.72 and $164.72 a tonne C&F.

- - - -

SOFTS > Pakistan removes 6-pct tax on sugar import-ministe [nISL45283]

KARACHI - Pakistan said on Tuesday it has withdrawn withholding tax -- a six percent levy on the value of cargoes -- on sugar import to cover an expected shortfalls and check runaway prices.

Jehangir Khan Tareen, Minister for Industries and Production, said the government expects sugar import would speed up after the removal of the withholding tax.

- - - -

Nu lassen sich die Amis schon beim Klauen erwischen.......

15 Feb 2005 17:20

15.02.2005 16:52:41 S.Africa holds two Americans on gold fraud charge

JOHANNESBURG, Feb 15 (Reuters) - Two U.S. nationals were arrested by South Africa's elite crime fighting unit on Tuesday on suspicion of defrauding gold miners, including Harmony Gold (HARJ.DE), a total of 100 million rand ($16.54 million).

A spokesman for the crack Scorpions unit said the two Americans had purchased gold from South African gold firms intending to process it into jewellery for sale in North America, but failed to pay for the gold.

Scorpions spokesman Makhosini Nkosi said the two were being held on charges of fraud and would appear in court on Wednesday.

He said the two were directors of SARM (South Africa Royal Manufacturers) and VDO (Via D'oro).

Ferdi Dippenaar, spokesman at the world's sixth biggest gold producer Harmony, said his firm had asked the Scorpions to investigate the two men after they failed to pay the firm 68 million rand for gold sales.

"We became uncomfortable with their business practices. Their company had bought gold from Harmony over a couple of years, and SARM owed Harmony 68 million rand," Dippenaar said.

South Africa's Industrial Development Corporation (IDC) said it held a 40 percent stake in SARM, described as a Canadian-South African partnership to create a gold chain and jewellery manufacturing facility, but declined to comment.

($1=6.045 Rand)

© Reuters 2004

15 Feb 2005 17:15

15.02.2005 17:12:11 UPDATE 1-Gold under dollar-led pressure in Europe

(updates to afternoon)

LONDON, Feb 15 (Reuters) - Gold prices were lower in Europe on Tuesday in choppy, currency-led trade, with the market abandoning a struggle to break higher when the dollar stood firm.

In other precious metals, platinum fell sharply as Asian selling overnight was compounded after a report from refiner Johnson Matthey, which continued to see the global market moving towards surplus this year.

Spot gold was quoted at $424.05/$424.80 per troy ounce by 1555 GMT, from $425.25/426.00 late in New York on Monday.

Dealers said bullion religiously followed currency moves -- spiking briefly above $426 as the euro surged over $1.30, then faltering as the dollar trimmed losses after a report on U.S. asset flows showed foreign investments were sufficient to finance the nation's current account deficit.

A stronger U.S. currency makes dollar-priced gold less attractive for non-U.S. investors. The euro was last at $1.2973.

"I think the upside is a struggle between $425 and the 100 day moving average (around $428.40). (Federal Reserve Chairman Alan) Greenspan is talking tomorrow but I think ...gold may work its way back down into the teens again," Simon Weeks, director bullion at ScotiaMocatta, said.

Net inflows of capital into U.S. assets in December slowed to $61.3 billion, from an upwardly revised $89.3 billion in November. Analysts had forecast net inflows of about $60 billion.

On a year over year basis, net inflows for 2004 rose about 20 percent to $821.8 billion from $683.6 billion in 2003.

GREENSPAN TESTIMONY
Greenspan begins twice-yearly testimony to congressional committees on Wednesday, with markets looking to see if he repeats upbeat comments made this month about the outlook for the current account.

Gold market analysts have said they expect prices to surpass 2004's 16-1/2 year peak of $456.75 this year, although further falls could be likely first.

"Dips back towards $411-15 can't be ruled out, however with the heavy consolidation already seen this year and still wide fundamentals I think we could see gold start to work back towards $440," James Moore of TheBullionDesk.com said in a daily report.

Spot platinum was last at $850.00/854.00 from $874.50/879.50 in New York after fund selling in Asia prior to a report from refiner Johnson Matthey, which saw prices easing this year as the market moved towards a surplus.[nL15716505]

Silver eased in line with gold to $7.22/7.25 from $7.31/7.34 in New York, while palladium dipped to $180.00/184.00 from $183.00/188.00.

15 Feb 2005 11:02

15.02.2005 09:32:09 Tokyo gold at over 1-month high, Greenspan eyed

TOKYO, Feb 15 (Reuters) - Tokyo gold futures advanced to a
1-½ month high on Tuesday on increased geopolitical concerns
and the dollar's recent retreat, but traders were careful about
chasing the contracts too aggressively.

The market was also awaiting Federal Reserve Chairman Alan Greenspan's semi-annual testimony to Congress on Wednesday and Thursday, which is seen providing direction for the dollar and could influence gold prices, traders said.

The key December gold contract on the Tokyo Commodity Exchange rose to a session peak of 1,442 yen -- the highest since Jan. 5 -- but traders were careful about buying further as recent price gains have been a bit too rapid.

The key contract has gained nearly 4 percent since falling to 1,388 yen last week.

It closed at 1,436 yen per gram, up six yen or 0.42 percent from Monday's settlement. Other contracts closed up four to nine yen.

"Sentiment appears to be improving but we still have to see whether the current uptrend will last as more Asian players return from the Lunar New Year holidays," said Kaname Gokon, research section manager at Okato Shoji Co. Ltd.

"We also have to watch the trend of the dollar after Greenspan as we are not fully confident about the outlook for gold."

At 0819 GMT, spot bullion was quoted at $424.00/4.70 an ounce against $425.25/6.00 in New York.

The dollar was at 105.00/04 yen , down from 105.08 yen in late New York trade. The euro was trading at $1.2973/76 , against $1.2977 in New York.

Gold continued to be supported by safe-haven buying amid concerns about North Korea and Iran, traders said.

Jiji news agency on Tuesday cited a South Korean paper as saying North Korea had developed a new missile that is more accurate and has a longer range.

Tensions are also increasing between the United States and Iran over Tehran's nuclear ambitions.

TOCOM silver surged, with all contracts hitting a daily seven-yen limit high, except for the prompt February contract, which rose a slim 0.2 yen.

The benchmark December TOCOM silver contract closed at 238.9 yen per 10 grams up from 231.9 yen on Monday. The December contract has gained 9 percent in a week.

But the benchmark TOCOM platinum contract tumbled after a failure to test above key resistance around 2,900 yen per gram prompted active liquidation by funds, traders said.

The market turned nervous about buying platinum too heavily ahead of an earnings announcement by key platinum producer Implats on Thursday.

December platinum futures reversed course after hitting a three-month high of 2,884 yen with fund operators detected to have sold heavily, traders said.

The key contract closed down 37 yen or 1.29 percent at 2,825 yen. Other contracts ended 30 to 36 yen lower.

Precious metals refiner Johnson Matthey (JM) said on Tuesday the world platinum market was seen moving towards surplus this year, with prices easing despite firm demand.

The refiner's report came out after the TOCOM close.

JM maintained its view on the market in an update to its Platinum 2004 Review, adding that prices should stay in a $760-$880 range into mid-May 2005, but it also pointed to uncertainty about some new mining projects.

Spot platinum edged down to around $857/$861 an ounce after the report from the late Asian level of around $860. It was sharply below the late New York level of $874.50/$879.50.

South Africa's Angloplat, majority owned by mining giant Anglo American Plc., said on Monday that it would cut its output target for 2006.

Angloplat said it expected to produce 2.7-2.8 million ounces instead of the previous target of 2.9 million, due to the strong rand currency.

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 1,436 (up 6) 92,326
SILVER 238.9 (up 7.0) 2,335
PLATINUM 2,825 (down 37) 60,242
PALLADIUM 628 (up 848

15 Feb 2005 09:43

15.02.2005 06:23:48 Gold falls in Asia on dlr rebound; Greenspan eyed

(Updates to afternoon)

SINGAPORE, Feb 15 (Reuters) - Gold fell in Asia on Tuesday after a dollar recovery against major currencies dented the metal's safe-haven appeal ahead of this week's key economic events.

Spot gold was quoted at $424.00/424.75 an ounce by 0505 GMT, against $425.25/426.00 late in New York. Dealers also booked profit after gold hit a two-week high at $425.75 an ounce on Monday amid a sliding dollar.

Some dealers expect gold to trade in $420 to $428 an ounce range this week.

The bullion market was braced for U.S. capital flows data due later in the day and Federal Reserve Chairman Alan Greenspan's semiannual testimony to Congress on Wednesday and Thursday, which is expected to provide fresh direction to the dollar.

"After his recent optimistic comments about the U.S. current account deficit, it will be interesting to see if he is still as upbeat," said N M Rothschild in a daily report.

Gold has tracked movements of the dollar against other currencies in recent weeks. A firmer dollar makes dollar-priced gold more expensive for holders of other currencies.

A weaker yen boosted Tokyo gold futures, the benchmark December gold futures contract in the Tokyo Commodity Exchange (TOCOM) rising 10 yen per gram to 1,440 yen.

Dealers expect Greenspan to say that additional, steady interest rate rises were on the way, which should uphold a bullish view on the dollar, which was trading at $1.2959 compared with $1.2977 late in New York.

"I think if he continues to raise interest rates, of course there will be a little bit of burden out there. It's not so good for gold," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong. "Let's see how far he goes."

Some dealers said concerns relating to North Korea's claim that it has nuclear weapons and tension between the U.S. and Iran over Tehran's nuclear ambitions would provide some support and raise gold's appeal as a safe-haven investment.

In other precious metals, spot silver was at $7.25/7.27 an ounce, against $7.31/7.34 late in New York.

Platinum was at $859/864, against $874.50/879.50, while palladium was steady at $183/188 an ounce.

On Hong Kong's Chinese Gold and Silver Exchange, tael gold (37.5 gramme ingot) was quoted at HK$3,936 by midday, compared with an opening of HK$3,939.

14 Feb 2005 21:39

14.02.2005 20:36:04 NY gold & silver end at fresh highs on down dollar

NEW YORK, Feb 14 (Reuters) - U.S. gold futures closed at two-week highs and silver reached its highest since early December on Monday, cheered by an improved technical picture and the dollar's recent leg lower, traders said.

April delivery gold rose $5.30 to finish at $427.30 an ounce on the New York Mercantile Exchange's COMEX division, after trading from $421.90 to $427.70 -- its highest close since Jan. 28.

Precious metals have rallied since last week, when the recent dollar's rally seriously sputtered out amid calculations that the U.S. trade deficit would weigh on the currency.

Leading the pack higher in the last three days, silver has had a stunning reversal from support near $6.50 an ounce, gaining 60 cents, or almost 10 percent in value, while gold has rebounded from support near the $410 level.

"It seemed like the markets were oversold," said a precious metals desk trader. "Some support came into the market and everyone scrambled to cover shorts, and that has just sent everything skyrocketing.

"It's all dollar and technical," he said.

Fund and CTA (Commodity Trading Advisor) selling pressured the dollar again Monday after a jump in Japan's current account surplus highlighted worries over the imbalance between Asian trade surpluses and massive U.S. deficits. The euro was at $1.2969 by midafternoon, against $1.2871 late on Friday.

A lower dollar makes dollar-priced precious metals more affordable for non-U.S. buyers.

Dealers said geopolitical issues also played a role in attracting investors to gold as a safe haven, with increasing concerns over the Korean peninsula and tensions between the United States and Iran over Tehran's nuclear ambitions.

An apparent lack of broad support for proposed sales of gold held by the International Monetary Fund to finance Third World debt relief was supportive as well.

In gold, "you'd have to get above $430 or this would be just a short-term rally," cautioned the desk trader.

Markets seemed to be bracing for Federal Reserve Chairman Alan Greenspan's semiannual testimony to Congress Wednesday and Thursday, after his recent optimistic comments about the U.S. current account deficit.

The latest weekly Commitments of Traders data from the Commodity Futures Trading Commission showed the net fund long position in COMEX gold futures fell to 11,175 contracts as of Feb. 8 from 28,118 lots a week earlier.

"That's the smallest fund long position since Oct. 22, 2002," Tim Evans, senior commodity analyst at IFR Markets, said in a report on the data.

"While in theory the funds could just keep on selling to accumulate some short positions for a change, we think this more likely exhausts the long vulnerability, setting the stage for an eventual fresh cycle of long accumulation," he said.

Evans put technical resistance in April gold at the Jan. 30 high of $430.60, and then at $449, followed by the 16-1/2-year peak from Dec. 2 at $460.50, with support seen at $411.50.

Spot gold priced at $425.25/6.00, versus $420.50/1.25 at New York close on Friday. Monday's afternoon fix in London was $424.20.

March silver strode up 13.0 cents to $7.34 an ounce, after trading from $7.185 to $7.35 -- its loftiest close since Dec. 7. Spot silver hit $7.31/34, well above Friday's late quote at $7.16/19. Monday's London fix was at $7.245.

CFTC data showed the net fund exposure in COMEX silver futures fell 2,469 to 27,763 contracts in the latest week.

Brokers peg resistance in silver futures at $7.35/40 and $7.50/60 and then $8.235, with support at $7.09, $6.89 and $6.75/80.

April platinum rose $3.90 to a two-week closing high at $875.10 an ounce. Spot touched $874.50/879.50.

March palladium was up $3.20 at a 12-day closing peak at $188.15 an ounce. Spot was worth $183/188.

14 Feb 2005 17:52

14.02.2005 17:06:22 Schwacher Dollar gibt Gold Auftrieb

London/Zürich, 14. Feb (Reuters) - Der Goldkurs hat am Montag im europäischen Handel kräftig zugelegt. Damit habe das gelbe Metall an den Aufwärtstrend vom Ende der vergangenen Woche anknüpfen können, sagten Händler. Falls der Schwung beibehalten werden könnte, sei ein Anstieg bis auf 430 Dollar denkbar.

Die Kursgewinne zum Wochenanfang seien in erster Linie auf den schwachen Dollar zurückzuführen, der zum Euro knapp ein Prozent nachgegeben hatte, so Händler. "Gold und Euro haben einer Trendlinie durchbrochen", sagte ein Händler.

Damit habe Gold zwar gegenüber dem Viermonatstief bei 410,40 Dollar einiges an Boden gut machen können, doch sei das 16 1/2-Jahreshoch vom Dezember bei knapp 456,75 Dollar noch weit entfernt.

Aggressivere Dollarverkäufe, die dem in der US-Devise gehandelten Gold im allgemeinen zur Kursanstiegen verhelfen, seien vor der Anhörung des US-Notenbankchefs Alan Greenspan vor dem US-Kongress am Mittwoch und Donnerstag nicht zu erwarten, hiess es weiter.

Die Feinunze Gold notierte zum europäischen Handelsschluss bei 423,60/424,40 nach 419,05/419,80 Dollar zum Wochenschluss. Das zweite Fixing in London erfolgte bei 424,20 nach 422,80 Dollar am Vormittag und 418,85 Dollar am Freitagnachmittag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.231/16.481 (Vortag 16.175/16.425) sfr an.

pma/ish

14 Feb 2005 17:34

14.02.2005 17:13:36 Commodities News Summary

TOP NEWS
> UPDATE 1-Europe gold, silver move higher as dollar [nL14430408]

LONDON - Gold and silver prices rose in Europe on Monday, underpinned by a sliding dollar as Japanese data threw up imbalances between Asian trade surpluses and U.S. deficits, dealers said.

- - - -

> UPDATE 2-Copper soars above $3,100/T on LME due we [nL14351105]

LONDON - Three-month London Metal Exchange (LME) copper futures broke above $3,100 a tonne resistance in dollar-inspired rally during midsession trade on Monday, traders said.

- - - -

> UPDATE 2-Japan surplus up but exports seen weak fo [nT107279]

TOKYO - Japan's current account surplus rose sharply in December, helped by a surge in dividend and interest payments from overseas, but economists expect slack exports to weigh on the economy for a while.

- - - -

> UPDATE 2-China demand lifts selenium to 28-yr high [nL14299372]

LONDON - Strong growth in China's construction and farm industries has pushed up selenium prices to new 28-year highs in Europe, industry sources said on Monday.

- - - -

METALS > INTERVIEW-Angloplat hot on Chinese platinum demand [nL14329226]

JOHANNESBURG - Chinese platinum jewellery buying was better than expected late last year despite high prices, raising the prospect that demand numbers might have to be rejigged, top platinum producer Angloplat said on Monday.

- - - -

> UPDATE 1-Rhodium hits 3-1/2-year peak amid leasing [nL14235805]

LONDON - Rhodium prices hit their highest since mid-2001 in Europe on Monday, forced higher by a persistent squeeze on lease rates, traders said.

- - - -

> UPDATE 3-Angloplat earnings rise but shares dip as [nL14627903]

JOHANNESBURG - The world's top platinum producer, Angloplat (AMSJ.DE), posted a 17 percent rise in 2004 earnings on Monday thanks to stronger metals prices, but its shares dipped on worries about cost control.

- - - -

> INTERVIEW-Zambia mine sees 14,000T annual copper o [nLA331103]

LUSAKA - Zambia's Chibuluma Mines Plc aims to produce 14,000 tonnes of finished copper in 2005 after investing $30 million to develop a new mining site, a senior mine official said on Monday.

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GRAINS/OILSEEDS/LIVESTOCK > Russia may make EU wait to last minute on food ban [nL14309252]

BRUSSELS - EU vegetable exporters may have to wait to the last minute to see if Russia bans their products due to food safety concerns, despite glimmers of hope appearing after Moscow settled its row with one country, the Netherlands.

- - - -

> UPDATE 1-Russia to restart Dutch flower imports on [nL14349619]

MOSCOW/AMSTERDAM - Russia said on Monday it will restart imports of flowers and some other plant products from the Netherlands as of Tuesday, ending months of trade disputes between the two countries.

- - - -

> Hungary invites grain storage offers [nL14411594]

BUDAPEST - Hungary invited offers from stores in Belgium and Germany to take intervention grain for which no space has been found in Hungary, the Agriculture Ministry said on its http://www.fvm.hu website.

- - - -

> EU wheat prices on defensive, sellers retreat [nL11530726]

PARIS - Wheat prices in most of Europe were still on the defensive on Monday in the wake of last week's EU export tender although values in Britain edged up a little on the back of good sales business to Spain, traders said.

- - - -

> UPDATE 2-Smithfield sees quarterly profit up sharp [nN146971]

CHICAGO - Smithfield Foods Inc. (/SFD.N), the biggest U.S. hog and pork producer, on Monday said preliminary quarterly earnings were stronger than expected, as it benefited from rising hog prices and demand.

- - - -

> India bracing for good wheat crop after rains [nDL312820]

NEW DELHI - Widespread rains in northern India this month have helped the flowering of the wheat crop and output this year could top 75 million tonnes, three million tonnes more than last year, farm officials said on Monday.

- - - -

> UPDATE 1-German wheat intervention offers up sharp [nL14252741]

HAMBURG - German farmers have offered some 153,000 tonnes of wheat for European Union intervention subsidies in the past week, continuing the high level of offers seen this month, state purchasing agency BLE said on Monday.

- - - -

> Tunisia seeks to buy at least 50,000 T barley [nGH1439932]

TUNIS - Tunisia's state-run Office des Cereales said on Monday it is tendering to buy at least 50,000 tonnes of feed barley.

- - - -

SOFTS > UPDATE 1-Licht revises 2004/05 sugar output slight [nL14674706]

LONDON - Analyst F.O. Licht on Monday slightly trimmed its estimate for 2004/05 world sugar output to 142.5 million tonnes and said it expected continuing tightness in supplies to support prices.

- - - -

> Cargill buys sugar at March expiry [nL14367708]

LONDON - Cargill bought 89,850 tonnes (1,797 lots) of sugar at the expiry of the LIFFE March white sugar futures contract on Friday, Euronext (/ENXT.PA) and LIFFE said on their website on Monday.

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STEEL > UPDATE 2-ThyssenKrupp Q1 pretax profits nearly tre [nL14157825]

FRANKFURT - Pretax profits at ThyssenKrupp (TKAG.DE) nearly trebled in the three months to December driven by stronger steel results, but the company cautioned on Monday that new order growth in western Europe had begun to lose speed.

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> S.Africa firms differ on use Russia, Ukraine steel [nL1412519]

JOHANNESBURG - Harmony Gold (HARJ.DE) and DRDGOLD said on Monday they might buy steel from Russia and Ukraine after South Africa lifted import tariffs, but other local steel users said they were unlikely to follow suit.

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14 Feb 2005 17:33

14.02.2005 17:23:08 Europe gold ends higher, data undermines dollar

* Gold ends European trading higher on Monday at $423.50/424.25 per troy ounce by 1615 GMT, from late New York's $420.50/421.25 on Friday.

* Market seen testing $425 resistance ahead of $428 in next few sessions, underpinned by the dollar sliding sharply.

* Japan's current account surplus rose 35.1 percent in December to a record 1.616 trillion yen -- highlighting inbalances with U.S. deficits. Euro last at $1.2971.

* Spot silver firm after rallying to two-month peak at $7.28 earlier. Quoted at $7.24/7.27 from $7.16/7.19 in New York.

* Spot platinum moves up to $875.00/879.00 from $868.00/872.00. Palladium up at $184.00/187.00 from $181.00/185.00.

14 Feb 2005 13:42

14.02.2005 13:02:23 Europe gold, silver move higher as dollar slides

LONDON, Feb 14 (Reuters) - Gold and silver prices were firm in Europe on Monday, underpinned by a sliding dollar as Japanese data threw up imbalances between Asian trade surpluses and U.S. deficits, dealers said.

Spot gold stood at $422.50/423.25 an ounce by 1147 GMT, compared with $420.50/421.25 late in New York on Friday. The market touched $423.25 at one stage -- last seen at the end of December.

Silver sat just below a two-month high of $7.28 and last traded at $7.24.7.27, compared with $7.16/7.19 in New York previously. The euro was last at $1.2977.

"Gold and the euro broke through some trend lines...We haven't seen too much selling -- making this afternoon potentially interesting," one dealer said.

"If we can maintain momentum, $430 would not be out of the question," he added.

The dollar dropped almost one percent against the yen and euro -- making dollar-priced gold more attractive for non-U.S. investors -- as Japan's current account surplus rose 35.1 percent in December to a record 1.616 trillion yen.

Dealers said, however, that investors might be reluctant to sell the dollar more aggressively before a much-awaited speech by U.S. Federal Reserve Chairman Alan Greenspan later in the week.

Greenspan will give twice-yearly testimony on monetary policy to the U.S. Senate on Wednesday and the House of Representatives on Thursday.

Dealers said the market would also focus on Tuesday's release of U.S. capital flows in December to see how well the country was funding its current account deficit.

Although gold had moved away from the four-month lows hit last week at $410.40, the market still had more to do to shake off its recent bear trend, with last December's 16-1/2-year peak of $456.75 still distant.

"We think it is too early to turn short-term bullish on gold in light of probably negative IMF gold headlines looming ahead of the April IMF meeting in Washington," John Reade of UBS Investment Bank said of the IMF study on how to use its huge gold reserves to help Third World debt relief.

Platinum metals were also firmer, with spot platinum quoted at $873.00/878.00 from $868.00/872.00, while palladium was last at $182.00/186.00 from $181.00/185.00.

11 Feb 2005 20:52

11.02.2005 20:36:09 NY gold & silver settle higher on fund buying

NEW YORK, Feb 11 (Reuters) - U.S. silver futures closed at a two-month peak on Friday while gold hit a nine-day high, fueled by speculative fund buying due to a softer dollar late this week, dealers said.

Silver for March delivery rose 24.5 cents, or 3.5 percent, to end at $7.21 an ounce on the New York Mercantile Exchange's COMEX division. It moved between $6.945 and $7.24 -- its priciest since Dec. 8.

The gray metal climbed 37.5 cents on Thursday as precious metals started rallying amid calculations that the U.S. trade deficit would weigh on the dollar.

A weaker greenback makes dollar-priced metals like silver and gold more affordable for non-U.S. buyers.

Spot silver was last at $7.16/19, way above Thursday's late New York quote at $6.93/96. Friday's London fix was at $6.98.

"With gold and the base metals looking steady for the moment and the dollar on a weaker footing, it seems silver could extend its gains in the coming sessions," said James Moore of TheBullionDesk.com.

Dealers put resistance in COMEX March silver at $7.24 and then at $7.35/40, with support at $7.15 and $7.05. In spot, the upside target was $7.25/40

Gold gained also, drawing support from its bounce from $412 support previously and from apparent U.S. opposition to proposed sales of gold held by the International Monetary Fund to finance Third World debt relief, said analysts.

April gold climbed $3.30 to close at $422 an ounce, trading from $417.70 to $423.40 -- its highest close since Feb. 2.

Currencies mostly would dictate further direction in gold, dealers said, though geopolitical concerns also supported it.

"With the risk of further escalation in the tensions between Iran, North Korea and the U.S. over the weekend, traders are unlikely to go home short," Moore said.

Chartists put resistance in April gold at $423 and then at $428, with support at $412-$415, and then $405 and $400.

Against the dollar, the euro fetched $1.2871 by midafternoon, not far from Thursday's late levels.

Spot gold hit $420.50/1.25, versus $417.25/8.00 previously. The London late fix was at $418.85.

Trade in gold has been thinned this week by the Lunar New Year and the Tokyo Commodity Exchange's closure on Friday for a national holiday.

April platinum rose $1.90 to $871.20 an ounce. Spot platinum changed hands at $868/872.

March palladium was up $2.70 at $184.95 an ounce. Spot hit $181/185.

11 Feb 2005 18:13

11.02.2005 17:45:06 Commodities News Summary

TOP NEWS
> Precious metals end European week on high note [nL11209718]

LONDON - Precious metals prices headed resolutely higher in Europe on Friday afternoon when a dip in the dollar triggered end-week buying and covering, traders said.

Gold crossed $420.00 an ounce, the highest for a week, while silver shot above $7.00 to reach a two-month peak amid speculative and stop-loss buying, traders said.

- - - -

> Iraq seeks to buy 100,000 to 150,000 T US wheat [nN11522750]

CHICAGO - Iraq's state-run Grain Board said on Friday it was tendering to buy 100,000 to 150,000 tonnes of hard white milling wheat from the United States.

The agency said on its Web site that the wheat was for delivery in April and May.

- - - -

> EU wheat export subsidy seen staying low [nL11122108]

PARIS - European Union wheat export subsidies are unlikely to rise soon, even though stocks are mounting and the low refunds awarded at tenders this week and last have failed to spur sales to key markets, analysts said on Friday.

The European Commission on Thursday awarded a four euro subsidy on exports of 185,000 tonnes of wheat, maintaining the level seen at last week's tender, the first for 18 months.

- - - -

METALS > COMEX copper off early in light trade, eyes dollar [nN11371365]

NEW YORK - U.S. copper futures declined in thin trading Friday morning amid light arbitrage selling and some investor profit-taking following Thursday's rise, floor traders said.

- - - -

> Russian RUSAL plans 40,000-tonne magnesium smelter [nL11148134]

MOSCOW - The world's third largest aluminium producer, Russia's RUSAL, plans to build a magnesium smelter with a capacity of 40,000 tonnes per year in the Volgograd region on the Volga river, RUSAL said on Friday.

- - - -

> Ukraine resumes magnesium output after a decade [nL11702944]

KIEV - Ukraine has resumed metallic magnesium output at its sole plant Mahniy after nearly a decade of stalled production, company head Mykhailo Petriv said on Friday.

"We resumed output in January and produced the first tonnes of the metal," he told Reuters by telephone from the company's headquarters in the western Ukrainian town of Kalush.

- - - -

GRAINS/OILSEEDS/LIVESTOCK
> CBOT soy climbs on follow-through, led by March [nN11538073]

CHICAGO - Soybean futures at the Chicago Board of Trade climbed on Friday on follow-through short covering, traders said. Also supportive were concerns about dry weather in Brazil's No. 3 soy state of Rio Grande do Sul, which was expected to stay mostly dry through Wednesday.

- - - -

> CBOT wheat turns down as big global stocks weigh [nN11520814]

CHICAGO - Wheat futures at the Chicago Board of Trade turned lower early on Friday as the big global stocks of wheat continue to weigh on prices, traders said.

- - - -

> EU wheat markets quiet, await higher refunds [nL11530726]

PARIS - Europe's wheat prices were stable to slightly higher in very light trade on Friday after the EU failed to raise the level of its export subsidy, and traders said they were waiting for signs of an improved export picture.

- - - -

SOFTS > Trade house seeks freight 10,000 t sugar to Cuba [nL11648080]

LONDON - A trade house has circulated an order in the freight market to move around 10,000 tonnes of bagged white sugar for March shipment to traditional exporter Cuba, trade sources said on Friday.

- - - -

> London coffee up, could test recent 2-year high [nL11713348]

LONDON - London robusta futures were trading higher on Friday, eyeing a test of the recent two-year peak after a brief stint of fund buying when the market opened, traders said.

Most-active May coffee rose eight pounds to 861 pounds a tonne by 1233 GMT after moving between 853 and 867. The contract accounted for 3,345 lots of the total 6,780 lot total.

- - - -

> Shy buyers, low arrivals hit Europe physical cocoa [nEUCOC1]

LONDON - Slack arrivals from West Africa and industry reluctance to buy amounted to a standoff in the European cash cocoa market over the past week, traders said on Friday.

The flow of cocoa from top producers Ivory Coast and Ghana has been dogged by industrial setbacks, political instability and bad weather and the mid-crop looks unlikely to compensate for the shortfall.

- - - -

STEEL

11 Feb 2005 17:27

11.02.2005 17:26:46 COMEX silver soars to 2-mth high early, gold gains

NEW YORK, Feb 11 (Reuters) - U.S. silver futures shot to their loftiest in two months on Friday and gold traded at eight-day highs, as a softer dollar late this week catapulted the metals up through technical resistance, dealers said.

"It was short covering, and there was fund buying overnight that pushed this thing up," said a silver floor broker. "And the trade is helping it along. It just snowballed."

By 11:05 a.m. (1605 GMT), silver for March delivery had surged 24.5 cents, or 3.5 percent, to $7.21 an ounce on the New York Mercantile Exchange's COMEX division. It moved from $6.945 to $7.24 -- its priciest since Dec. 8. The market rose 37.5 cents on Thursday.

Spot silver hit $7.16/19, way above Thursday's late New York quote at $6.93/96. Friday's London fix was at $6.98.

The gray metal extended its rally because, unlike in the gold market, players did not currently see central bank selling in the market, which allowed it to rise almost untethered, said one analyst.

"We've seen a technical break to the upside in silver, and that is because we don't see central bank selling in the silver market," said Ian MacDonald, managing director of precious metals at International Asset Holding Corp.

Gold also rose, drawing support from its bounce from $412 support and from apparent U.S. opposition to proposed sales of gold held by the International Monetary Fund to finance Third World debt relief, said analysts.

April gold was up $2.70 at $421.40 an ounce, trading between $417.70 and $421.90, and touching its highest since Feb. 3.

Currencies should dictate further direction, sources said.

"The dollar is whipping around and still very much in a trading range," said MacDonald.

Chartists traced resistance in April gold at $422.70-$423 and then at $428, with support at $412 to $415, followed by $405 and $400.

Against the dollar, the euro was at $1.2876 by midmorning, not far from Thursday's late levels.

The U.S. currency tumbled on Thursday, which made dollar-denominated gold more affordable for non-U.S. buyers.

Spot gold rose to $419.85/420.60 an ounce, versus $417.25/8.00 previously. Friday's late fix in London was at $418.85.

Trade in gold has been thinned this week by the Lunar New Year and the Tokyo Commodity Exchange's closure on Friday for a national holiday.

April platinum rose 70 cents to $870 an ounce. Spot platinum fetched $868/873.

March palladium slipped 25 cents to $182 an ounce. Spot edged to $179/182.

Die Forward-Rates auf 6 u. 12 Monate jetzt höher wie die kurzen,das schaut gut aus!

11 Feb 2005 17:24

11.02.2005 13:36:04 Silver fixes up sharply, Europe gold consolidates

* Silver fixed sharply higher on Friday at 698.00 cents per ounce compared with 657.75 cents at previous fix.

* Spot silver firm after hitting highest since late December at $7.03 on gains in gold. Last at $7.02/7.05 by 1220 GMT from $6.93/6.96 in New York on Thursday.

* Silver forward rates on Reuters page indicated at 2.444, 2.462, 2.500 and 2.460 for one, three, six and 12 months respectively.
* Gold firms to $417.50/418.25 per troy ounce by 1220 GMT from late New York's $417.25/418.00 on Thursday.

* Market consolidating after sharp jump to one-week peak at $418.45 on Thursday. Dollar under pressure due to investor concerns over a record U.S. trade deficit, despite narrowing the gap slightly in December. Euro last at $1.2863.

* Spot platinum slightly firmer at $866.00/870.00 from $865.00/870.00. Palladium at $178.00/182.00 from $177.50/182.50.

11 Feb 2005 08:34

11.02.2005 08:04:16 Europe gold opens higher as dollar rally stalls

* Gold opens marginally higher in Europe at $417.50/418.25 per troy ounce by 0700 GMT, from late New York's $417.25/418.00 on Thursday.

* Market supported by a softer dollar due to investor concerns over a record U.S. trade deficit, despite narrowing the gap slightly in December.

* Spot silver follows gold higher, quoted at $6.98/7.01 from $6.93/6.96 in New York.

* Spot platinum flat at $865.00/870.00. Palladium also steady at $177.50/182.50.

11 Feb 2005 08:35

11.02.2005 07:36:43 Gold price edges up in Asia after New York gains

(Updates to afternoon)

SYDNEY, Feb 11 (Reuters) - Gold built on earlier gains in Asia on Friday amid subdued activity to rise about $1 ahead of more active European trading.

Spot gold advanced to about $418.25/$418.75 an ounce from $417.00/$417.75 in late New York and Thursday's afternoon fix of $415.50.

Asian trading was light, with several countries in the time zone closed for Lunar New Year holidays and Japan closed for a national holiday, limiting price moves, dealers said.

A generally softer U.S. dollar was supporting gold by encouraging bullion purchases in other currencies, according to dealers.

Gold was put on an upward path late on Thursday as gold futures in New York reacted to a weaker U.S. dollar.

April delivery gold at the New York Mercantile Exchange's COMEX division settled at $418.70 an ounce, up $4.20 on the day, within a range of $413 to $420.10, and reaching its highest close since Feb. 2.

That sentiment spilled into Asian markets, one dealer said.

The U.S. dollar was $1.2873/77 versus the euro , compared with $1.2877 in New York.

Against the yen , the dollar was steady on late New York levels at 105.82 yen.

Platinum was $2 higher at $867/$872 an ounce, while palladium was unchanged at $177.50/$182.50 an ounce.

Silver was up 7 cents to $7.01/$7.07 an ounce.

10 Feb 2005 22:13

10.02.2005 21:45:52 NY gold, silver end higher on dollar profit-taking

NEW YORK, Feb 10 (Reuters) - U.S. gold futures closed at a nine-day high Thursday on the back of a rejuvenated euro, as the dollar failed to capitalize on news the massive U.S. trade deficit narrowed in December, traders and analysts said.

Short-covering drove silver up to six-week highs, which also fueled some buying in gold, while platinum and palladium rose as well.

"The dollar hadn't taken a beating like this for a couple of days. It was a pretty safe play to buy euros and sell dollars and I think the metals market ran with that," said Scott Meyers at Pioneer Futures.

April delivery gold at the New York Mercantile Exchange's COMEX division settled at $418.70 an ounce, up $4.20 on the day, within a range of $413 to $420.10, and reaching its highest close since Feb. 2.

Aside from currency-related interest, gold's bounce from technical support at $412 on Wednesday also attracted funds back into the precious metals today, said Leonard Kaplan, president of Prospector Asset Management.

Kaplan believes gold prices should eventually work back down to the $405 to $400 area, however, pressured by a firmer dollar going forward due to expected U.S. interest rate increases this year.

Estimated gold volume was 62,000 contracts, against Wednesday's tally of 41,438 lots. Trade has been thinned this week by Lunar New Year and the Tokyo Commodity Exchange's closure on Friday for a national holiday.

Midafternoon in New York, the euro was up at $1.2886, compared with around $1.2808 late on Wednesday.

A falling U.S. currency makes dollar-denominated gold more affordable for non-U.S. buyers.

The market also awaited further word on proposed sales or revaluation of gold stockpiled by the International Monetary Fund to finance debt relief for the world's poor nations.

U.S. lawmakers have told U.S. Treasury Secretary John Snow to oppose proposals for the sale of the IMF's gold.

In a letter to Snow, 12 senators -- from mainly U.S. mining states -- said sales of the IMF's 103 million ounces of gold reserves, the world's third-largest, would hurt gold producers and cause job losses, including in impoverished countries like Peru and Tanzania.

Meanwhile, the U.S. trade deficit narrowed in December to $56.4 billion, just a tad below analysts' forecasts for $57 billion, as oil import prices had their biggest monthly fall in almost 14 years, the Commerce Department said.

But the annual trade gap still widened more than 24 percent in 2004 to a record $617.7 billion. The November trade gap was revised down to $59.3 billion from $60.3 previously, but it remained a record, with December's gap the second highest.

Chartists pegged resistance in COMEX April gold at $421.90 and $425 with support at $412, $405 and $400.

Spot gold was last at $417.25/8.00 an ounce from New York's closing level on Wednesday at $412.75/413.50. Thursday's afternoon fix in London was at $415.50.

March silver futures surged 37.5 cents to end at $6.965 an ounce, dealing between $6.57 and $6.98 -- its highest close since Dec. 28. Spot silver priced at $6.93/96, against $6.56/59 late on Wednesday. The fix was at $6.5775.

NYMEX April platinum rose $18 to $869.30 an ounce, up from a prior one-month low at $847. Spot platinum hit $865/870.

March palladium gained $2.25 to $182.25 an ounce. Spot edged to $177.50/182.50.