Full story
European gold ticks up on fund
short-covering
11:32 a.m. Dec 14, 1998 Eastern
LONDON, Dec 14 (Reuters) - Gold firmed gently on
Monday, winning back some of the ground lost last
Friday as funds returned to cover short positions,
dealers said.
London gold fixed at $291.40 a troy ounce in the
afternoon, just up on the morning's $291.25.
Figures released by the London Bullion Market
Association put London average daily gold turnover
at 27.5 million ounces in November, its lowest since
the LBMA began publishing data two years ago.
November's figure was down 23 percent on
October's 35.8 million ounces and compared with the
40.8 million ounces recorded November last year, the
LBMA said in a statement.
London gold fixes were scattered in a $10 range
above $288.00 during the month, confirming a
year-end slow down, continuing into December,
which dealers have spoken of for weeks.
LBMA Chairman Peter Fava said that despite the
November figures for spot trade, London bullion
operations had fared well during 1998.
''It was just a very dull market last month. My feeling
is that the London market's had a good year this year
and people are just coasting through to the end of it,''
he told Reuters.
''I don't think London makes its money on the spot
market, it's more on the forwards,'' he said in
reference to over-the-counter forward markets.
Spot gold was last at $291.20/$291.70 versus
Friday's New York close of $290.60/$291.10.
The LBMA said silver trade was also down sharply in
November, with the daily average for ounces
transferred falling more than 30 percent
month-on-month to 169.1 million ounces.
''Basis an average price of $4.9732 (an ounce), value
stood at $800 million, down 33 percent from October
and less than half of November 1997's $1.7 billion,''
the LBMA said.
Spot silver was last higher at $4.82/$4.85, three cents
up on New York's Friday close.
Platinum was last barely changed at $348.50/$350.50
while palladium was last $1.80 lower at
$290.00/$295.00.
((Patrick Chalmers, London Newsroom +44 171
542 8057. london.commodities.desk+reuters.com))
Copyright 1998 Reuters Limited. |
