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

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To: 4figureau who started this subject	6/3/2003 9:06:02 AM
From: 4figureau	Read Replies (1) of 5423

Gold: 366.3 Silver: 4.53 USD: 93.64 Gold dips in Europe, currencies in focus Tue June 3, 2003 07:09 AM ET TOKYO, June 3 (Reuters) - Gold dipped back slightly in Europe on Tuesday with market players' focused on currency movements after world leaders grappled with the dollar's recent tumble, and digesting a mixed bag of U.S. economic data. The euro turned softer against the dollar in mid-morning European trade after French President Jacques Chirac said the Group of Eight (G8) nations was closely monitoring moves on the foreign exchange. Dealers said gold's moves would continue to focus on currency movements, ahead of Thursday's meeting of the European Central Bank. "Our opinion is that we're going to see imminently further cuts in interest rates by the U.S. and the euro-area as well as the UK," one analyst said. Many analysts expect the ECB to cut rates to ease the pain of a strong euro felt by euro zone exporters after the single currency's sharp ascent against the dollar this year -- with a cut seen putting pressure on gold. On the upside, analysts said bullion was seen taking some support from falling European stock markets, with European blue chips easing off 18-week highs. The market was also scratching its head over mixed U.S. economic data released on Monday, searching for signs of a recovery in industrial activity that could boost share prices and the dollar -- and hurt safe-haven gold. The gold market was still expected to remain broadly range bound and fairly thinly traded, with several participants attending the London Bullion Market Association's annual conference in Portugal. "Dealers will continue to focus on moves in the currency markets for intra-day direction but it's difficult to see gold breaking out of its recently defined $358 - $370 trading range for the time being," Standard Bank London said in a daily report. Spot gold was last quoted at $364.70/5.40 an ounce at 1121 GMT, compared with $366.00/50 quoted in New York late on Monday. Bullion surged to a 15-week high of $374.90 last week as the euro leapt to record peaks against the dollar. It has since fallen back on profit taking, but the market remains volatile and at the mercy of exchange rates. Silver edged lower to $4.51/53 an ounce from late New York's $4.52/54 Platinum moved up to $649.00/654.00 an ounce from $641/646 last quoted in New York. The metal garnered some support overnight on the back of some short covering. Palladium also rose to $187.00/192.00 an ounce from $183.50/189.50. reuters.com

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