RTRS: US gold ends up as optimism stirs inflation worries
New York gold futures ended
higher for a fourth straight day on Thursday as market optimism
and recent positive U.S. economic indicators boosted bullion's
appeal as a hedge against inflation.
For the latest detailed report, click on [GOL/].
GOLD
* Gold for June delivery GCM9 settled up $4.50 at $915.50
an ounce on the COMEX division of the New York Mercantile
Exchange.
* Ranged from $908.90 to $926.50.
* June futures supported as dollar hit a one-month low
against the euro after the European Central Bank's plan for a
modest asset-buying policy encouraged risk taking. [USD/]
* Gold's recent strength was driven by reflation trade as
economic fears subsided and commodity prices rose sharply in
response to aggressive money creation by central banks - fund
managers.
* Initial gains in gold futures fizzled on Thursday as fund
managers sold gold together with stocks - George Gero, vice
president of RBC Capital Markets Global Futures.
* Nervous investors poured money into gold as a safe-haven
investment ahead of the official release of results of stress
tests on 19 large U.S. banks later on Thursday - traders.
* Gold buying seen ahead of U.S. April nonfarm payrolls
data due on Friday - Gero.
* U.S. crude futures rose to a 2009 high above $58 a
barrel, suggesting economic activity may be picking up and
boosting gold's appeal as a hedge against inflation -
analysts.
* COMEX estimated final volume at 143,602 lots.
* Gold/oil ratio fell to 16.13 from 16.22 the previous
session.
* Spot gold traded at $911.05 an ounce at 3:11 p.m.
EDT (1911 GMT), up 0.1 percent from its late Wednesday quote in
New York.
* The London afternoon gold fix was $912.25 an
ounce.
SILVER
* COMEX July silver SIN9 ended up 32.00 cents, or 2.3
percent, at $14.030 an ounce, tracking gold's gains.
* Ranged from $13.670 to $14.150.
* COMEX estimated final volume at 25,287 lots.
* Spot silver was at $13.90 an ounce, up 1.5 percent
from its previous finish.
* The London silver fix at $14.010 an ounce.
PLATINUM
* NYMEX July platinum PLN9 finished up $14.20, or 1.2
percent, at $1,157.30 an ounce as optimism about a swift
economic recovery boosted autocatalyst demand.
* Spot platinum at $1,145.00 an ounce, up 1 percent
from its late Tuesday quote.
PALLADIUM
* June palladium PAM9 closed up $13.65, or 6.0 percent,
at $241.70 an ounce as better market outlook triggered pent-up
buying.
* Spot palladium was at $235.00 an ounce, up 3.8
percent from its previous finish.