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

To: Broken_Clock who wrote (13806)	6/25/1998 6:52:00 PM
From: goldsnow	Respond to of 116791

Gold in range below $294.00, ignores rand fall 11:31 a.m. Jun 25, 1998 Eastern LONDON, June 25 (Reuters) - Gold ranged below $294.00 an ounce on Thursday, ignoring the downward pressure of the slightly shaky yen and the plummeting rand. Gold fixed at $293.15 an ounce in the afternoon, down on the morning's $293.25, before rising slightly again as European trade approached its close. Spot metal was last at $293.30/$293.80, 70 cents up on its previous New York close. The South African rand hit a fresh all-time low of 5.60 bid against the dollar as speculators reacted to an earlier sharp reduction in official interest rates. Rand gold prices rose in tandem to be last at 1,641.57/1,647.31, matching the 17-month high posted early this week with a bid/offer spread well in excess of the usual 3.5 rand. High rand gold prices raised the prospect of increased producer forward sales from miners trying to lock in prices, although fluctuating local interest rates inevitably complicated the sums. Weak rand and Australian dollar prices for gold have cushioned miners in both those countries from the worst effects of low gold prices, switching the focus to mines in North America and other regions where the U.S. dollar price holds greater sway. Rand weakness came after official interest rates dipped to 17.345 percent from 18.710 on Wednesday and from a 13-year high of 23.985 percent on Monday. The central bank hoisted interest rates in defence of the rand, but slackened its grip for three consecutive days as confidence appeared to be creeping back. That move distracted attention from the dollar/yen rate, which has recently figured high among dealers' barometers for Southeast Asian gold demand. One London dealer expressed surprise that gold had ignored the weakening yen, which was last at 141.54/64 against the dollar, steadying at the top of its range of the previous day. ''We have seen a little drop in gold but it's basically back to where it started. There's buying below $293.00 and selling up at $294.00,'' he said. Silver managed a little firmness, though within the ranges of recent days, rising six cents on its New York close to be last at $5.32/$5.35. Platinum was also just higher at $352.50/$354.50 versus New York's previous close of $351.00/$353.00, while palladium was down $4.00 at $290.00/$300.00. ((Patrick Chalmers, London Newsroom +44 171 542 8057. london.commodities.desk+reuters.com))

To: Broken_Clock who wrote (13806)	6/25/1998 6:52:00 PM
From: goldsnow	Respond to of 116791

Gold in range below $294.00, ignores rand fall 11:31 a.m. Jun 25, 1998 Eastern LONDON, June 25 (Reuters) - Gold ranged below $294.00 an ounce on Thursday, ignoring the downward pressure of the slightly shaky yen and the plummeting rand. Gold fixed at $293.15 an ounce in the afternoon, down on the morning's $293.25, before rising slightly again as European trade approached its close. Spot metal was last at $293.30/$293.80, 70 cents up on its previous New York close. The South African rand hit a fresh all-time low of 5.60 bid against the dollar as speculators reacted to an earlier sharp reduction in official interest rates. Rand gold prices rose in tandem to be last at 1,641.57/1,647.31, matching the 17-month high posted early this week with a bid/offer spread well in excess of the usual 3.5 rand. High rand gold prices raised the prospect of increased producer forward sales from miners trying to lock in prices, although fluctuating local interest rates inevitably complicated the sums. Weak rand and Australian dollar prices for gold have cushioned miners in both those countries from the worst effects of low gold prices, switching the focus to mines in North America and other regions where the U.S. dollar price holds greater sway. Rand weakness came after official interest rates dipped to 17.345 percent from 18.710 on Wednesday and from a 13-year high of 23.985 percent on Monday. The central bank hoisted interest rates in defence of the rand, but slackened its grip for three consecutive days as confidence appeared to be creeping back. That move distracted attention from the dollar/yen rate, which has recently figured high among dealers' barometers for Southeast Asian gold demand. One London dealer expressed surprise that gold had ignored the weakening yen, which was last at 141.54/64 against the dollar, steadying at the top of its range of the previous day. ''We have seen a little drop in gold but it's basically back to where it started. There's buying below $293.00 and selling up at $294.00,'' he said. Silver managed a little firmness, though within the ranges of recent days, rising six cents on its New York close to be last at $5.32/$5.35. Platinum was also just higher at $352.50/$354.50 versus New York's previous close of $351.00/$353.00, while palladium was down $4.00 at $290.00/$300.00. ((Patrick Chalmers, London Newsroom +44 171 542 8057. london.commodities.desk+reuters.com))