RTRS: US gold rises as weaker dollar stirs fund buying
U.S. gold futures rose on
Tuesday as a weaker dollar prompted fund buying, and rising
open interest in longer-dated gold contracts signaled
underlying interest, traders said.
For the latest detailed report, click on [GOL/].
GOLD
* Gold for June delivery GCM9 up $3.00 at $916.50 an
ounce at 9:36 a.m. EDT (1336 GMT) on the COMEX division of the
New York Mercantile Exchange.
* Ranged from $912.40 to $923.70.
* Dollar's sharp drop against the euro and higher crude oil
prices spurred institutional buying in gold as an alternative
investment - traders.
* The dollar extended losses against the euro after data
showing the U.S. trade gap widened less than expected in March
boosted risk appetite. [USD/] [ID:nN11541619]
* December futures are gaining open interest, indicating
longer-term holders are appearing - George Gero, vice president
of RBC.
* The news of China's rapid expansion of money supply and
easier credit may have the effect of increasing future
inflationary expectations, and thereby supporting gold - James
Steel, chief commodities analyst at HSBC.
* Japan's biggest commodity exchange suspended trade in all
contracts due to technical trouble on Tuesday, raising concerns
about its upgraded system launched only last week.
[ID:nT147773]
* Gold/oil ratio at 15.47, lower than 15.75 in its previous
session.
* COMEX estimated 9 a.m. volume at 34,909 lots.
* Spot gold traded at $918.45 an ounce, up 0.6
percent from its late Monday quote in New York.
* London morning gold fix $920.00 an ounce.
SILVER
* COMEX July silver SIN9 up 26.50 cents, or 2 percent, at
$14.175 an ounce, tracking gold's gains.
* Ranged from $13.840 to $14.340.
* COMEX estimated 9 a.m. volume at 8,981 lots.
* Spot silver was at $14.19 an ounce, up 2.0 percent
from its previous finish.
* London silver fix at $14.090 an ounce.
PLATINUM
* NYMEX July platinum PLN9 up $9.30 at $1,130.00 an ounce
as a stock market bounce bolstered platinum and other
industrial metals.
* Spot platinum at $1,121.00 an ounce, up 0.6
percent from its late Monday quote.
PALLADIUM
* June palladium PAM9 down $1.40 at $235.60 an ounce on
light profit-taking after recent gains.
* Spot palladium was at $233.00 an ounce, down 0.2
percent from its previous finish.