US gold rises on worries ahead of bank stress test

Wed May 6, 2009 3:49pm BST
[-] Text [+]
 NEW YORK, May 6 (Reuters) - New York gold futures rose for
a third straight day on Wednesday as stress tests on U.S. banks
underscored lingering economic uncertainties, bolstering
safe-haven demand in the bullion market.
 For the latest detailed report, click on [GOL/].
 GOLD
 * Gold for June delivery GCM9 was up $4.90 at $909.20 an
ounce at 10:36 a.m. EDT (1436 GMT) on the COMEX division of the
New York Mercantile Exchange.
 * Ranged from $895.40 to $913.50.
 * Jittery investors poured money into gold as a safe-haven
investment ahead of the release of results of stress tests on
19 large U.S. banks on Thursday - James Steel, chief
commodities analyst at HSBC.
 * Regulators have told Bank of America Corp (BAC.N: Quote, Profile, Research) it
needs $34 billion of capital to withstand a deep economic
downturn, and Citigroup may need as much as $10 billion because
of the results of the government stress test - sources.
 * Gold futures ignored stock market gains, supported by
news that U.S. private-sector job losses slowed much more than
expected in April, hitting their lowest since November 2008 -
ADP Employer Services. [ID:nN06543688]
 * Higher crude oil prices suggested economic activity may
be picking up, boosting gold's appeal as a hedge against
inflation - Steel.
 * Gold/oil ratio fell to 16.40 from 16.76 the previous
session.
 * Spot gold XAU= traded at $908.15 an ounce, up 0.5
percent from its late Tuesday quote in New York.
 * The London afternoon gold fix XAUFIX= was $910.00 an
ounce.
 SILVER
 * COMEX July silver SIN9 was up 35.00 cents, or 2.6
percent, at $13.770 an ounce, as less liquid silver
outperformed gold.
 * Ranged from $13.270 to $13.800.
 * Spot silver XAG= was at $13.71 an ounce, up 2.8 percent
from its previous finish.
 * The London silver fix XAGFIX= at $13.440 an ounce.
 PLATINUM
 * NYMEX July platinum PLN9 eased $2.50 to $1,135.40 an
ounce on profit-taking following the previous session's gains.
 * Spot platinum XPT= at $1,127.50 an ounce, up 0.2
percent from its late Tuesday quote.
 PALLADIUM
 * June palladium PAM9 ignored platinum's slight decline,
up $5, or 2.2 percent, to $227.90 an ounce.
 * Spot palladium XPD= was at $225.00 an ounce, up 3.0
percent from its previous finish.
 (Reporting by Frank Tang; Editing by Lisa Shumaker)






























 
 
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