U.S. gold futures ended
essentially flat after a mixed session on Wednesday, whipsawing
between the strength in the dollar and inflation hedge buying
following an oil rally.
For the latest detailed report, click on [GOL/].
GOLD
* Gold for June delivery GCM9 settled unchanged at
$953.30 an ounce on the COMEX division of the New York
Mercantile Exchange.
* Ranged from $946.20 to $959.60.
* Gold initially weakened as the dollar rose against the
euro, which declined after a European Central Bank policymaker
suggested further interest rate cuts could not be ruled out.
[FRX/]
* Crude oil prices rose to a six-month high above $63 per
barrel on Saudi Arabia's comments about recovering global
demand, providing background support to gold as an inflation
hedge - traders.
* Heavy buying of COMEX December $1,200 call options, as
well as writing of puts -- an options strategy to profit from
the upside -- signal longer-term interest in underlying futures
- Jonathan Jossen, a COMEX gold options trader.
* COMEX gold market open interest up 202 at 396,965 lots,
nearing the 400,000 mark, indicating investment buying by funds
and institutions - analysts.
* COMEX estimated final volume at 217,108 lots.
* Gold/oil ratio at 15.02, lower than the 15.28 of the
previous session.
* Spot gold traded at $951.60 an ounce at 2:20 p.m.
EDT (1820 GMT), up 0.1 percent from its late Tuesday quote in
New York.
* London gold fix $951 an ounce.
SILVER
* Silver futures, which are less liquid than gold, rose
above $15 an ounce for the first time since August, driven by
strong investment buying.
* COMEX July silver SIN9 finished up $26.50, or 1.8
percent, at $14.865 an ounce.
* Ranged from $14.390 to $15.020, which marked the highest
price since Aug. 14.
* Increasing speculative net long positions in Comex silver
have driven silver prices higher. If net longs in silver
increase further, silver should outperform gold - UBS
Investment Bank.
* COMEX estimated final volume at 25,751 lots.
* Spot silver was at $14.82 an ounce, up 1.9 percent
from its previous finish.
* London silver fix at $14.50 an ounce.
PLATINUM
* NYMEX July platinum PLN9 ended up $1.30 at $1,141.10 an
ounce as the market focused on news related to an expected
bankruptcy filing by General Motors Corp (GM.N: Quote, Profile, Research).
* Spot platinum at $1,127.00 an ounce, down 0.4
percent from its late Tuesday quote.
PALLADIUM
* June palladium PAM9 finished down $5, or 2.2 percent,
at $226.55 an ounce, dampened by weakness in auto industry
demand.
* Spot palladium was at $222.50 an ounce, down 2.8
percent from its previous finish.
