RTRS: US gold ends up on options buying, housing data
New York gold futures ended
higher on Tuesday after the previous session's losses on
options-related buying and unexpectedly weaker U.S. housing
data.
For the latest detailed report, click on [GOL/].
GOLD
* Gold for June delivery GCM9 settled up $5 at $926.70 an
ounce on the COMEX division of the New York Mercantile
Exchange.
* Ranged from $917.60 to $929.90.
* Gold turned higher after data showed new U.S. housing
starts and permits unexpectedly fell to record lows in April,
denting hopes that stability in the housing market was
imminent. [ID:nN19408037]
* Buying of long-dated call options and option writing by
gold producers improved gold futures sentiment - Jonathan
Jossen, COMEX gold options floor trader.
* Longer-term inflation worries will continue to shape
demand for gold in the investors' space, after U.S. and Europe
consumer prices data showed a slight rebound in prices - BNP
Paribas.
* Safe-haven demand could diminish as a closely watched VIX
index .VIX fell below 30 for the first time in eight months,
indicating the perceived need for portfolio insurance is
diminishing. [ID:nN19417474]
* Mitsui Global Precious Metals raised forecast for gold
prices to average $920 an ounce this year, up from a previous
forecast of $906, saying it is "medium term bullish, but short
term wary" towards the yellow metal. [ID:nLJ507882]
* A German asset management company plans to set up 500
"Gold-To-Go" automatic teller machines (ATMs) in Germany,
Switzerland and Austria this year. [ID:nLJ422294]
* Gold/oil ratio at 15.43, lower than the 15.59 of its
previous session.
* COMEX estimated final volume at 120,029 lots.
* Spot gold traded at $925.85 an ounce at 3:10 p.m.
EDT (1910 GMT), up 0.9 percent from its late Monday quote in
New York.
* London gold fix $924.75 an ounce.
SILVER
* COMEX July silver SIN9 finished up 29.50 cents, or 2.1
percent, at $14.125 an ounce, as the less liquid white metal
took direction from the gold market.
* Ranged from $13.73 to $14.295.
* COMEX estimated final volume at 15,438 lots.
* Spot silver was at $14.21 an ounce, up 3.6 percent
from its previous finish.
* London silver fix at $13.88 an ounce.
PLATINUM
* NYMEX July platinum PLN9 ended up $7.50 at $1,145.10 an
ounce on better overall economic sentiment.
* Global demand from automakers for platinum catalytic
converters dropped more than 8 percent to 3.81 million ounces
in 2008, as North American vehicle output tumbled amid the
economic slowdown - Johnson Matthey. [ID:nN15560493]
* An anticipated bankruptcy filing by General Motors Corp
(GM.N) by the end of May should not drastically dent platinum
autocatalyst demand, unless the car industry slashes production
further from its current dismal level - analysts
[ID:nN18382606]
* Spot platinum at $1,137 an ounce, up 0.8 percent
from its late Friday quote.
PALLADIUM
* June palladium PAM9 closed up $4.10, or 1.8 percent, at
$234.10 an ounce, tracking platinum's gains.
* Spot palladium was at $231.50 an ounce, up 2.2
percent from its previous finish.