US gold ends tad down but weak dollar supports
NEW YORK, Sept 10 – U.S. gold futures ended down a hair on Thursday as investors took profits, but the metal retraced initial lows as the dollar weakened, increasing bullion’s appeal as a currency hedge.
For the latest detailed report, click on [GOL/].
GOLD
* December gold GCZ9 settled down 30 cents at $996.80 an ounce on the COMEX division of the New York Mercantile Exchange.
* Ranging from $983.20 to $1,000.50.
* The U.S. dollar turned lower against euro and remained at near one-year lows against a basket of major currencies, as higher global equities bolstered risk appetite. The greenback has now fallen for four straight sessions. [USD/]
* Profit-taking seen in gold on follow-through selling as prices failed to stay above $1,000 an ounce on Wednesday, and stop-loss orders amid uncertainties also pressured – George Gero, vice president of RBC Capital Markets Global Futures.
* Much of last week’s sharp rise in gold’s price was due to the unwinding of Barrick’s hedges, and that explained why gold retreated on Thursday – Dennis Gartman, ndependent investor and publisher of the Gartman Letter.
* Barrick Gold (ABX.TO)(ABX.N), the world’s top gold miner, will issue $3 billion in stock to eliminate all of its fixed-price gold hedges and a portion of its floating hedges. However, analysts said the deal would not boost the gold market. [ID:nN08295810]
* Output decrease from top producer South Africa limited losses. South African gold output fell 7.6 percent in volume terms in July compared with the same month in the previous year – official data.
* COMEX estimated final volume at 119,437 lots.
* Gold/oil ratio at 13.82, down from the previous session’s 13.89.
* Spot gold XAU= at $995.35 an ounce at 2:20 p.m. EDT (1820 GMT), against $991.15 in the previous session in New York.
* London afternoon gold fix XAUFIX= was at $990.75 an ounce.
SILVER
* December silver SIZ9 finished up 20 cents, or 1.2 percent, at $16.670 an ounce on strong investment demand.
* Silver futures recently have outperformed gold, helped by better economic sentiment. Usually less-liquid silver has the characteristics of both precious and industrial metals.
* Ranged from $16.060 to $16.720 an ounce.
* COMEX estimated final volume at 28,932 lots.
* Spot silver XAG= at $16.64 an ounce, versus its previous close of $16.27.
* London silver fix XAGFIX= was at $16.09 an ounce.
PLATINUM
* October platinum PLV9 ended down $1.70 at $1,289.70 an ounce on profit-taking after recent precious metals rally.
* Spot platinum XPT= at $1,285.50 an ounce against $1,276.
PALLADIUM
* December palladium PAZ9 closed down $1.60 at $293.45 an ounce, tracking platinum.
* Spot palladium XPD= at $288 an ounce, against its previous finish of $290.50.
Close Change Pct 2008 YTD
Chg Close Pct Chg
US gold GCZ9 996.80 -0.30 0.0 884.30 12.7
US silver SIZ9 16.670 0.200 1.2 11.295 47.6
US platinum PLV9 1289.70 -1.70 -0.1 941.50 37.0
US palladium PAZ9 293.45 -1.60 -0.5 188.70 55.5
Prices at 2:19 p.m. EDT (1819 GMT)
Gold XAU= 995.55 4.40 0.4 878.200 13.4
Silver XAG= 16.65 0.38 2.3 11.30 47.3
Platinum XPT= 1285.50 9.50 0.7 924.50 39.0
Palladium XPD= 288.00 -2.50 -0.9 184.50 56.1
Gold Fix XAUFIX= 990.75 -8.75 -0.9 836.50 18.4
Silver Fix XAGFIX= 16.090 -0.150 -0.9 14.760 9.0
Platinum Fix XPTFIX= 1279.00 0.00 0.0 1529.00 -16.4
Palladium Fix XPDFIX= 290.00 0.00 0.0 365.00 -20.5
(Reporting by Frank Tang; Editing by Lisa Shumaker)
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