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Strategies & Market Trends : Fidelity Select Sector funds

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To: Julius Wong who wrote (3493)	3/9/2001 9:33:45 PM
From: Julius Wong	Read Replies (1) of 4916

03/09 17:43 Global Commodities: Gold Rises on Signs of Reduced Bank Lending By Bradley Keoun New York, March 9 (Bloomberg) -- The following is a summary of commodity markets in the U.S. and U.K. PRECIOUS METALS In NEW YORK, gold rose 2 percent, extending a three-week rally, on signs that central banks are making less bullion available for lending to speculators, mining companies and jewelers. The cost of borrowing gold for one month rose to 6.3 percent, on an annual basis, the highest rate in 1 1/2 years and almost triple the level a week ago. The reduced supply accelerated a rally sparked by speculators who had bought gold to reverse earlier bad bets that prices would fall further. ``We believe central banks are pulling back on the amount of gold they make available to the market,'' said Michael Paolercio, chief executive of Michael Anthony Jewelers Inc. in Mount Vernon, New York, the nation's largest maker of gold jewelry. Gold for April delivery rose $5.40 to $271.50 an ounce on the Comex division of the New York Mercantile Exchange, the highest closing price since Dec. 29. It was the biggest one-day gain since Oct. 12.

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