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

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To: 4figureau who wrote (2987)	1/28/2003 9:38:25 AM
From: 4figureau	Read Replies (3) of 5423

Gold eases before Bush speech Tuesday, January 28, 2003 Posted: 1146 GMT LONDON, England -- Gold eased off its highs on Tuesday as investors headed for the sidelines ahead of a speech by U.S. President George W. Bush in which he is expected to layout his case for military action against Iraq. The price of gold, a traditional safe-haven in times of uncertainty, slipped to $365.75 an ounce in mid-morning trading in London, down from $369.20 in New York. On Monday, gold surged to $372.55 in London -- breaking through the $370 level for the first time in six years -- in the run-up to a U.N. weapons inspectors' report on Iraq. That report -- presented by U.N. chief weapons inspector Hans Blix and Mohamed ElBaradei, head of the International Atomic Energy Agency -- found that Baghdad did still not accept the need for disarmament, but there was also no evidence of nuclear programmes. (Full story) Late in Tuesday, investors will focus on Bush's State of the Union address for signs of a possible U.S.-led attack. (Full story) "Now it's time to wait and see what Bush says next," an Asian trader told Reuters. Bush will begin his speech at 2100 EST Tuesday (0200 GMT Wednesday). Gold, which has risen 30 per cent in the past year, has been attracting increasing attention as tensions mount between the U.S. and Iraq. Fears of a U.S.-led attack on Iraq have prompted many investors to pull their money out of the stock market and put it in gold. The dollar has also suffered because many expect a costly war with Iraq would hamper a recovery in the U.S. economy. Bullion hit a high of $380 an ounce in November 1996 and some analysts believe it could reach that level again soon if military tensions persist. europe.cnn.com

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