RTRS: US gold rises on firm physical demand, PGMs higher
gold futures rose on
Wednesday on firmer physical demand, while renewed market talk
of cold fusion technology boosted palladium and other platinum
group metals.
For the latest detailed report, click on [GOL/].
GOLD
* Gold for June delivery GCM9 gained $5.90 to $888.60 an
ounce at 10:18 a.m. EDT (1418 GMT) on the COMEX division of New
York Mercantile Exchange.
* Ranged from $882.80 to $891.00.
* Physical demand is slowly and steadily emerging around
the current levels, and this along with firm trend in
investment fund flow is supporting the market - Pradeep Unni,
trader at Richcomm Global Services.
* 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.
* Bullion prices may rise this week because of Akshaya
Tritya, India's gold-buying festival, on April 27 - analysts.
* Gold supported as U.S. stocks initially fell as a slew of
mixed results from major companies and a quarterly loss from
Morgan Stanley stirred fears over the financial sector. Wall
Street, however, turned higher by midmorning. [.N]
* Gold could be under pressure as recovery in equities
market could continue, and recent outflows of gold
exchange-traded funds could also weigh on prices - Tom
Pawlicki, precious metals and energy analyst at MF Global.
* The world economy has fallen into a severe recession, and
the International Monetary Fund cut its forecast for global
growth, spurring flight-to-quality demand in gold.
* The U.S. economy, however, is starting to show signs of
shrinking more slowly, but positive growth is not expected
until sometime next year - IMF.
* Investment inflows into gold-backed, exchange-traded
funds jumped to an all-time high in the first quarter, boosted
by a combination of risk aversion and economic uncertainties -
World Gold Council. [ID:nN21541171]
* Gold/oil ratio at 18.2 on Wednesday, compared with 19.9
in the previous session.
* COMEX estimated 9 a.m. electronic futures volume at
21,382 lots. Floor volume was not available due to a technical
glitch.
* Spot gold traded at $884.50 an ounce, up 0.3
percent from its late Tuesday quote in New York.
* The London afternoon gold fix was $886.00 an
ounce.
PLATINUM
* NYMEX July platinum PLN9 climbed $24.40, or 2.1
percent, to $1,182.00 an ounce on broad-based strength of the
platinum group metals, including rhodium and palladium.
* Spot platinum at $1,170.50 an ounce, up 1.6
percent from its late Tuesday quote.
PALLADIUM
* June palladium PAM9 jumped $9.85, or 4.7 percent, to
$232.00 an ounce.
* Palladium boosted by demand related to renewed talk of
cold fusion technology after CBS TV covered the topic on its
news program "60 Minutes" on Sunday - NYMEX traders.
* Spot palladium was at $229.00 an ounce, up 3.2
percent from its previous finish.
SILVER
* COMEX May silver SIK9 rose 18.0 cents, or 1.5 percent,
to $12.240 an ounce, rebounding from the previous session's
losses.
* Ranged between $11.990 and $12.295.
* COMEX estimated 9:00 a.m. electronic futures volume at
3,955 lots. Floor volume was not available due to a technical
glitch.
* Spot silver was at $12.24 an ounce, up 2.1 percent
from its previous finish.