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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Ahda who wrote (42986)	10/14/1999 7:36:00 PM
From: Alex	Respond to of 116896

Gold prices heading towards stability, says WGC MUMBAI: Gold was heading towards stability in the world market and the current price was not abnormal, World Gold Council's (WGC) top officials said here today. WGC corporate director-international marketing, Kerr Cruikshanks and chief executive, Middle East & Indian sub- continent, Rolf Schneebeli told reporters that the gold prices had declined to a 20-year low following UL treasury announcement on May 7, that it would be reducing its gold holdings by more than 50 per cent to 300 tonnes. The occasional selling by central banks caused heavy short selling and the situation had become worse by the announcement of gold sales by the International Monetary Fund (IMF) and Australia, Cruikshanks said. Later, when Bank of England sold 25 tons of gold in the open market in September, prices rallied as the allotment price of usd 255.75 per ounce was below the market expectations. Thereafter, the surprise announcement on September 26, by 15 European Central Banks that they would restrict gold sales, further boosted the market sentiment, they said. PTI report. expressindia.com