August 6, 2009 / 1:59 PM / 10 years ago

US gold rises on monetary easing but weakness seen

 NEW YORK, Aug 6 (Reuters) - U.S. gold futures rose above
$970 an ounce Thursday as quantitative easing measures by
central banks stoked inflation worries, but traders said the
metal could still correct due to a stronger dollar amid light
volume.
 For the latest detailed report, click on [GOL/].
 GOLD
 * December gold GCZ9 up $4.30 at $970.60 an ounce at 9:30
a.m. EDT (1330 GMT) on the COMEX division of the New York
Mercantile Exchange.
 * Ranging from $974.30 to $961.30 an ounce.
 * Gold rose further after the Bank of England took a far
bigger step than expected to boost Britain's recession-hit
economy, stunning markets by expanding its quantitative easing
plan to 175 billion pounds from 125 billion. [ID:nL6430949]
 * The European Central Bank kept interest rates on hold at
a record low, and that also boosted gold's appeal as an
inflation hedge.
 * Monetary easing by global central banks, combined with
better economic sentiment, have sent the price of gold sharply
higher. The metal had been heavily pressured by deflation fears
earlier this year.
 * Bullion investors are still anxious to be on the long
side of the market, but gold futures are ripe for a minor
correction due to liquidation by short-term traders and a
stronger U.S. dollar - George Nickas, commodities broker at FC
Stone.
 * Gold/oil ratio at 13.55, higher than 13.43 from the
previous session
 * COMEX estimated 9 a.m. gold volume at 41,865 lots.
 * Spot gold XAU= at $967.70 an ounce at 9:30 a.m.,
compared with $961.95 an ounce in late New York business on
Wednesday.
 * London morning gold fix XAUFIX= at $960.75 an ounce.
 SILVER
 * September silver SIU9 up 18.0 cents, or 1.2 percent, at
$14.940 an ounce, tracking gold's gains.
 * Ranging from $14.585 to $15.035 an ounce, the loftiest
level since June 12.
 * COMEX estimated 9 a.m. silver volume at 24,602 lots.
 * Spot silver XAG= was at $14.93 an ounce versus $14.64
an ounce in Wednesday's late quote.
 * London silver fix XAGFIX= at $14.67 an ounce.
 PLATINUM
 * October platinum PLV9 down $11.60 at $1,281.50 an ounce
on profit taking after Wednesday's rally driven by supply
worries from top producer South Africa.
 * South Africa's biggest union said its members planned to
strike at power firm Eskom [ESCJ.UL] next week, raising the
threat of electricity disruptions in the country, which is also
a major gold supplier. [ID:nL5252552]
 * Spot platinum XPT= at $1,276.50 versus $1,282.50.
 PALLADIUM
 * September palladium PAU9 down $3.25 at $275.95 an
ounce, tracking platinum.
 * Spot palladium XPD= at $272.00, against its previous
finish of $273.
Prices at 9:29 a.m. EDT (1329 GMT)
                       Last  Change   Pct      2008   YTD
                                      Chg    Close  % Chg
US gold       GCZ9     970.50    4.20   0.4   884.30    9.7
US silver     SIU9     14.945   0.185   1.3   11.295   32.3
US platinum   PLV9    1283.00  -10.10  -0.8   941.50   36.3
US palladium  PAU9     275.00   -4.20  -1.5   188.70   45.7
Gold          XAU=     967.70    5.75   0.6  878.200   10.2
Silver        XAG=      14.92    0.28   1.9    11.30   32.0
Platinum      XPT=    1276.50   -6.00  -0.5   924.50   38.1
Palladium     XPD=     272.00   -1.00  -0.4   184.50   47.4
Gold Fix      XAUFIX=  960.75    0.00   0.0   836.50   14.9
Silver Fix    XAGFIX=  14.670   0.000   0.0   14.760   -0.6
Platinum Fix  XPTFIX= 1286.00    0.00   0.0  1529.00  -15.9
Palladium Fix XPDFIX=  280.00    0.00   0.0   365.00  -23.3
 (Reporting by Frank Tang; editing by Jim Marshall)

























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