RTRS: US gold ends lower as fears subside on stock rise
New York gold futures ended
lower after a mixed session on Tuesday, as a late rally in the
U.S. stock markets temporarily quelled fears about the
financial system, prompting investors to lock in recent gains.
For the latest detailed report, click on [GOL/].
GOLD
* Gold for June delivery GCM9 settled down $4.80 at
$882.70 an ounce on the COMEX division of New York Mercantile
Exchange.
* Ranged from $879.50 to $896.40.
* Gold jumped after several key U.S. companies posted
disappointing quarterly results, a sign that the state of the
overall economy is still uncertain. [.N]
* U.S. stocks rebounded on rising financial shares, after
steep losses from the previous session when Bank of America
(BAC.N: Quote, Profile, Research) posted a big increase in troubled loans.
* June futures supported by a slightly weaker dollar a day
after the greenback rallied as investors shed riskier
investments such as stocks.
* Both gold and the dollar recently moved in the same
direction -- a sign of increased investor risk aversion --
James Steel, chief commodities analyst at HSBC.
* Gold prices are likely to trade higher if equity markets
continue to retrace - Steel.
* Gold recently served as the repository of all fears, as
bank worries trumped any and all other economic concerns -
Dennis Gartman, independent investor and publisher of the daily
Gartman Letter.
* Physical demand seen after India's metals trading firm
MMTC Ltd said it was likely to import 9-10 tonnes of gold this
month, helping lift the country's April imports to 30 tonnes.
[ID:nDEL002814]
* Bullion prices may rise this week because of Akshaya
Tritya, India's gold-buying festival, on April 27 - analysts.
* Gold/oil ratio at 19.9 on Tuesday, compared with 19.2 in
the previous session.
* COMEX estimated 1 p.m. electronic futures volume at
65,377 lots. Floor volume was not available due to a technical
glitch.
* Spot gold traded at $881.90 an ounce at 3:09 p.m.
EDT (1909 GMT), down 0.3 percent from its late Monday quote in
New York.
* The London afternoon gold fix was $888.75 an
ounce.
SILVER
* COMEX May silver SIK9 ended down 4.5 cents at $12.060
an ounce as weaker economic outlook hurt silver which is also
used as an industrial metal.
* Ranged between $11.975 and $12.235.
* COMEX estimated 1:00 p.m. electronic futures volume at
11,139 lots. Floor volume was not available due to a technical
glitch.
* Spot silver was at $11.96 an ounce, down 0.7
percent from its previous finish.
* The London silver fix at $12.140 an ounce.
PLATINUM
* NYMEX July platinum PLN9 finished down $9.50 at
$1,157.60 an ounce on weaker outlook for autocatalyst demand
because of a battered economy.
* Spot platinum at $1,150.00 an ounce, down 0.8
percent from its late Friday quote.
PALLADIUM
* June palladium PAM9 closed down $3.85, or 1.7 percent,
at $222.15 an ounce in sympathy with platinum's decline.
* Spot palladium was at $222.00 an ounce, off 1.6
percent from its previous finish.