RTRS: US gold drops as optimism prompts profit taking
New York gold futures eased on
Friday as better economic sentiment and signs of a slowdown in
the rate of U.S. job losses prompted investors to take profits
after a recent sharp rally.
For the latest detailed report, click on [GOL/].
GOLD
* Gold for June delivery GCM9 down $3.30 at $912.20 an
ounce at 11:16 a.m. EDT (1516 GMT) on the COMEX division of the
New York Mercantile Exchange.
* Ranged from $905.50 to $921.00.
* Pre-weekend profit-taking seen following the results of
the U.S. stress test on banks and better-than-expected nonfarm
payrolls data, dampening safe-haven demand in gold - traders.
* U.S. employers cut 539,000 jobs last month, the fewest
since October, according to government data on Friday that
signaled the economy's steep decline may be easing.
[ID:nL8142930]
* Volatility in gold market set to rise as June futures
attempted to test key resistance levels above $920 an ounce -
George Gero, vice president of RBC Capital Markets Global
Futures.
* COMEX estimated 10 a.m. volume at 54,903 lots.
* Spot gold traded at $910.95 an ounce, up 0.2
percent from its late Thursday quote in New York.
* The London afternoon gold fix was $907.00 an
ounce.
SILVER
* COMEX July silver SIN9 down 14.50 cents, or 1 percent,
at $13.885 an ounce, tracking gold's weakness.
* Ranged from $13.780 to $14.065.
* COMEX estimated 10 a.m. volume at 10,488 lots.
* Spot silver was at $13.86 an ounce, up 0.6 percent
from its previous finish.
* The London silver fix at $13.900 an ounce.
PLATINUM
* NYMEX July platinum PLN9 down $9.50 at $1,147.80 an
ounce on profit-taking, after recent gains on optimism about
economic recovery and better autocatalyst demand.
* Spot platinum at $1,140.00 an ounce, down 0.4
percent from its late Thursday quote.
PALLADIUM
* June palladium PAM9 up $1.20 at $242.90 an ounce on
pent-up buying.
* Spot palladium was at $239.50 an ounce, up 1.1
percent from its previous finish.