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To: patron_anejo_por_favor who wrote (178642)	7/10/2002 2:30:48 AM
From: H James Morris	Respond to of 436258

COMMODITIES & AGRICULTURE: Gold and silver prices reach four-week highs By Adrienne Roberts Financial Times; Jul 10, 2002 Gold strengthened and silver hit a four-week high yesterday as the US dollar and the global equity markets remained under pressure, prompting renewed flows of speculative money into the two metals. London spot gold closed at $314.55 an ounce, its strongest so far this month, after fixing at $313.8 in afternoon trading. "Gold looks set to continue to consolidate between $310 and $314 an ounce, with the bias towards the higher end of this range should the US dollar and global equity markets remain under pressure," said John Reade, precious metals analyst at UBS Warburg in London. Silver ended the session at $5.03 an ounce, its highest since June 7. It had been $4.97 an ounce at the afternoon fixing. Data from the latest Commitments of Traders report in the US suggest that renewed interest in silver has been generated by speculators trading on New York's Comex. By contrast, platinum hit a low of $514 an ounce in Asian trading, its lowest since March 27, based on fears that Wall Street's troubles might jeopardise recovery in industrial, auto-catalyst and jewellery demand. But the white metal followed gold higher in European trade, fixing at $523 an ounce in London. Crude oil futures extended Monday's losses. Stop-loss selling was triggered as Brent fell through $25 a barrel and WTI breached $26. In London August Brent finished the session down 9 cents at $25.17 a barrel. By the New York close Nymex crude was 2 cents higher at $26.09. The market was waiting for US crude oil inventory data, due late yesterday and this afternoon. Most traders were expecting modest falls in gasoline and crude stocks.