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Gold/Mining/Energy : Gold Price Monitor
GDXJ 120.19-1.4%Jan 7 4:00 PM EST
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To: John Hunt who wrote (25782)1/10/1999 12:45:00 PM
From: Alex  Read Replies (2) of 116844
 
Sunday, January 10, 1999
Commodity Outlook: Gold Likely To Be Firm, Oil Seen Static

TOKYO (Nikkei)--International gold prices should remain firm at around 290 dollars per troy ounce. No wild price swings are expected because market fundamentals are little changed.

While the recent strengthening of the yen has fueled buying in the Tokyo market, fund buying is almost evenly matched by sales and prices fluctuate no more than one to two dollars a day, many market watchers say.

Crude oil prices should not gain much after rising last week on a decline in U.S. inventories. Most refineries in the northern hemisphere have already secured their supplies for the winter and Iraq is exporting its oil at its normal pace, so any sudden tightening of supplies seems unlikely.

Although some members of the Organization of Petroleum Exporting Countries such as Saudi Arabia and Kuwait have reiterated the need for coordinated production cuts among producer nations, many market watchers dismiss their statements as mere posturing aimed at maintaining the current price levels until the March OPEC meeting.

As a result, the market is unlikely to stage a full recovery unless producer nations take concrete measures to prop up prices, market observers say.

(The Nihon Keizai Shimbun Sunday edition)

nni.nikkei.co.jp
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