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

To: re3 who wrote (44822)	11/10/1999 9:42:00 PM
From: lorne	Read Replies (1) \| Respond to of 116764

Korea. Gold Price Hike Fanning Domestic Consumer Prices 11/07(ÀÏ) 16:43 Sharp increase in gold prices after 20-year lows on international markets in recent months is resulting in local inflationary pressure, the Bank of Korea said. BOK officials said the price hike on the international market notched up the import price of gold bars by 22.7 percent last month. Gold production price here also soared 25 percent, a factor pushing local gold jewelry retail prices up 19.3 percent. In particular, the noticeable increase in the consumer price index last month is largely due to the bullish gold retail prices on the domestic market, BOK officials noted. ''The increase of gold jewelry accounted for a 13.9 percent of the total consumer price hike in October,'' a BOK official explained. The portion of gold prices in the overall consumer prices is similar to those of cigarettes, beer and taxi fares, he added. Gold hit a series of 20-year lows by the end of August, reaching $251.70 an ounce, the lowest bullion price since mid-May 1979, amid fallout from Britain's first gold sale on July 6. The British government revealed that it would sell 125 tons of gold reserves, split in five equal parcels, by March 2000 as part of its plan to eventually cut its reserves to 300 tons from 715 tons. In September, gold soared about $65, peaking near $340 an ounce, after 15 European central banks on Sept. 26 pledged to curtail gold sales, lending and derivatives use for five years. Last Friday, however, gold prices tumbled to the lowest levels in a week after U.S. government data indicated little threat of wage inflation despite a continued tight and robust labor market. In COMEX futures, gold for delivery in December fell $2.70 per ounce to $291, the contract's lowest close since $290.40 on Oct. 26. hk.co.kr