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Gold/Mining/Energy : A to Z Junior Mining Research Site

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To: 4figureau who started this subject	5/8/2003 9:26:49 AM
From: 4figureau	of 5423

Gold: 346 Silver: 4.78 USD: 95.15 Gold surges on further weakness for the dollar By Kevin Morrison and Gordon Smith Published: May 8 2003 11:48 The Gold price surged on Thursday as the euro hit a new high against the dollar sparking a switch into the safe haven investment. Decisions by the the Bank of England and European Central Bank to keep interest rates on hold prompted a sell-off in equity markets and renewed buying of the euro which sent the dollar to a new four-year low against the eurozone currency. The euro surged a cent after the ECB decided to keep interest rates at 2.25 per cent to $1.462. The spot gold price, which benefits from dollar weakness, surged more than $3 to $344.60 an ounce in London, just below Tuesday's seven-week high of $344.70. Gold was set at $341.40 a troy ounce in the morning fix, slightly down on the closing spot quotes in New York on Wednesday. In Asia, gold futures on the Tokyo Commodity Exchange slid to near three-week lows as the yen touched a nine month high against the US dollar. Silver prices continued to ease on the back of speculative selling, which saw the metal rise to a three-month high of $4.80 an ounce on Monday. Spot silver was trading at $4.71/$4.73. Silver prices have struggled to move out of a narrow range between $3.50 and $5.50 since 1990, according to the World Silver survey 2003 released on Thursday. The survey, published by the World Silver Institute, rose just 5 per cent during 2002, with the annual average silver price of $4.599, the lowest annual average since 1993. Oil prices were weaker with IPE Brent crude for June delivery down 16 cents at $23.98 a barrel, following Wednesday's 54 cents gain. Nymex WTI for June delivery was 7 cents lower at $26.16 in electronic trade. news.ft.com

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