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Saturday, October 24, 2009
NEW YORK, July 23 (Reuters) - New York gold futures
finished higher on Thursday as strong U.S. housing data fueled
economic optimism, and a new U.S. silver-backed exchange-traded
fund could lift the precious metals complex.
For the latest detailed report, click on [GOL/].
GOLD
* August GCQ9 settled up $1.50 at $954.80 an ounce on the
COMEX division of the New York Mercantile Exchange.
* Trading between $948.20 and $957.50.
* Wall Street rallied nearly 3 percent after data showed
U.S. sales of previously owned homes increased at a
faster-than-expected annual pace in June, in the third straight
month of gains. [ID:nN23387481]
* Dow Jones industrial average rose above 9,000 for the
first time since early January.
* Hopes of economic recovery underpin gold rally. Earlier
this year, gold prices were pressured by deflation fears amid a
possible prolonged global recession.
* Dennis Gartman, independent investor and publisher of the
daily Gartman Letter, said he will likely to buy more gold, and
he will add to his long positions if spot bullion rose above
$955.
* However, forward production hedging by gold producers
could cap gold's gain over $955 an ounce - Gartman.
* COMEX estimated final volume at a heavy 140,658 lots.
* Gold/oil ratio 14.12, against 14.64 in the previous
session.
* Spot gold XAU= traded at $950.30 an ounce at 3:30 p.m.
EDT (1930 GMT), against $950.40 in its previous session
finish.
* London gold fix XAUFIX= at $950 an ounce.
SILVER
* September SIU9 finished up 7 cents at $13.770 an ounce
as a new U.S. silver ETF and better macroeconomic sentiment
lifted silver's appeal as an industrial metal.
* Ranging $13.610 to $13.845.
* ETFS Silver Trust SIVR, the U.S. unit of London-based
ETF Securities, has issued shares backed by physical silver
bullion to be traded on the New York Stock Exchange - SEC
filing. [ID:nLN674579]
* The move has created a buzz in the precious metals sector
because ETF Securities had also in April filed to launch the
first-ever U.S. platinum exchange-traded fund, which could be a
boost to the price of platinum if it clears regulatory hurdle.
* COMEX estimated final volume at 16,945 lots.
* Spot silver XAG= $13.75 an ounce, compared with its
previous close of $13.68.
* London silver fix XAGFIX= at $13.76 an ounce.
PLATINUM
* October PLV9 ended up $12.30, or 1.1 percent, at
$1,188.0 an ounce as the market focused on better platinum
autocatalyst demand on hopes that the auto production would
rebound.
* Spot platinum XPT= at $1,176 an ounce against its
$1,172 previous session's close.
PALLADIUM
* September PAU9 closed up $4.05, or 1.6 percent, at
$260.20 an ounce, tracking on platinum's gains.
* Spot palladium XPD= was at $255.50 an ounce, compared
with $252.50 in its previous finish. (Reporting by Frank Tang; Editing by David Gregorio
finished higher on Thursday as strong U.S. housing data fueled
economic optimism, and a new U.S. silver-backed exchange-traded
fund could lift the precious metals complex.
For the latest detailed report, click on [GOL/].
GOLD
* August GCQ9 settled up $1.50 at $954.80 an ounce on the
COMEX division of the New York Mercantile Exchange.
* Trading between $948.20 and $957.50.
* Wall Street rallied nearly 3 percent after data showed
U.S. sales of previously owned homes increased at a
faster-than-expected annual pace in June, in the third straight
month of gains. [ID:nN23387481]
* Dow Jones industrial average rose above 9,000 for the
first time since early January.
* Hopes of economic recovery underpin gold rally. Earlier
this year, gold prices were pressured by deflation fears amid a
possible prolonged global recession.
* Dennis Gartman, independent investor and publisher of the
daily Gartman Letter, said he will likely to buy more gold, and
he will add to his long positions if spot bullion rose above
$955.
* However, forward production hedging by gold producers
could cap gold's gain over $955 an ounce - Gartman.
* COMEX estimated final volume at a heavy 140,658 lots.
* Gold/oil ratio 14.12, against 14.64 in the previous
session.
* Spot gold XAU= traded at $950.30 an ounce at 3:30 p.m.
EDT (1930 GMT), against $950.40 in its previous session
finish.
* London gold fix XAUFIX= at $950 an ounce.
SILVER
* September SIU9 finished up 7 cents at $13.770 an ounce
as a new U.S. silver ETF and better macroeconomic sentiment
lifted silver's appeal as an industrial metal.
* Ranging $13.610 to $13.845.
* ETFS Silver Trust SIVR, the U.S. unit of London-based
ETF Securities, has issued shares backed by physical silver
bullion to be traded on the New York Stock Exchange - SEC
filing. [ID:nLN674579]
* The move has created a buzz in the precious metals sector
because ETF Securities had also in April filed to launch the
first-ever U.S. platinum exchange-traded fund, which could be a
boost to the price of platinum if it clears regulatory hurdle.
* COMEX estimated final volume at 16,945 lots.
* Spot silver XAG= $13.75 an ounce, compared with its
previous close of $13.68.
* London silver fix XAGFIX= at $13.76 an ounce.
PLATINUM
* October PLV9 ended up $12.30, or 1.1 percent, at
$1,188.0 an ounce as the market focused on better platinum
autocatalyst demand on hopes that the auto production would
rebound.
* Spot platinum XPT= at $1,176 an ounce against its
$1,172 previous session's close.
PALLADIUM
* September PAU9 closed up $4.05, or 1.6 percent, at
$260.20 an ounce, tracking on platinum's gains.
* Spot palladium XPD= was at $255.50 an ounce, compared
with $252.50 in its previous finish. (Reporting by Frank Tang; Editing by David Gregorio
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