US gold rises on dollar drop, weak housing data


مشرف وإستشاري هندسة المناجم
12 مارس 2007
مجموع الإعجابات
NEW YORK, May 19 (Reuters) - New York gold futures rose on
Tuesday after the previous session's losses on a lower dollar
and as unexpectedly weaker U.S. housing data boosted bullion's
alternative investment appeal. For the latest detailed report, click on [GOL/]. GOLD * Gold for June delivery GCM9 up $5.40 at $927.10 anounce at 10:29 a.m. EDT (1429 GMT) on the COMEX division of theNew York Mercantile Exchange. * Ranged from $917.60 to $928.20. * Gold turned higher after data showed new U.S. housingstarts and permits unexpectedly fell to record lows in April,denting hopes that stability in the housing market wasimminent. [ID:nN19408037] * Longer-term inflation worries will continue to shapedemand for gold in the investors' space, after U.S. and Europeconsumer prices data showed a slight rebound in prices - BNPParibas. * Safe-haven demand could diminish as a closely watched VIXindex .VIX fell below 30 for the first time in eight months,indicating the perceived need for portfolio insurance isdiminishing. [ID:nN19417474] * Mitsui Global Precious Metals raised forecast for goldprices to average $920 an ounce this year, up from a previousforecast of $906, saying it is "medium term bullish, but shortterm wary" towards the yellow metal. [ID:nLJ507882] * A German asset management company plans to set up 500"Gold-To-Go" automatic teller machines (ATMs) in Germany,Switzerland and Austria this year. [ID:nLJ422294] * Gold/oil ratio at 15.66, higher than the 15.59 of itsprevious session. * COMEX estimated 10 a.m. volume at 49,168 lots. * Spot gold <XAU=> traded at $925.80 an ounce, up 0.9percent from its late Monday quote in New York. * London gold fix <XAUFIX=> $924.75 an ounce. SILVER * COMEX July silver SIN9 up 24.00 cents, or 1.7 percent,at $13.070 an ounce, as the less liquid white metal tookdirection from the gold market. * Ranged from $13.73 to $14.08. * COMEX estimated final volume at 5,845 lots. * Spot silver <XAG=> was at $14.04 an ounce, up 2.3 percentfrom its previous finish. * London silver fix <XAGFIX=> at $13.88 an ounce. PLATINUM * NYMEX July platinum PLN9 up $4.40 at $1,142.00 an ounceon better overall economic sentiment. * Global demand from automakers for platinum catalyticconverters dropped more than 8 percent to 3.81 million ouncesin 2008, as North American vehicle output tumbled amid theeconomic slowdown - Johnson Matthey. [ID:nN15560493] * An anticipated bankruptcy filing by General Motors Corp(GM.N) by the end of May should not drastically dent platinumautocatalyst demand, unless the car industry slashes productionfurther from its current dismal level - analysts[ID:nN18382606] * Spot platinum <XPT=> at $1,133 an ounce, up 0.4 percentfrom its late Friday quote. PALLADIUM * June palladium PAM9 up $3.50, or 1.5 percent, at$233.50 an ounce, tracking platinum's gains. * Spot palladium <XPD=> was at $230.00 an ounce, up 1.6percent from its previous finish. (Reporting by Frank Tang)

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