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

To: scotty who wrote (18541)	9/11/1998 8:19:00 PM
From: Don Green	Read Replies (1) \| Respond to of 116756

New York precious metals futures ended mostly higher, led by an early surge in the gold market on the weaker dollar and a late surge in the palladium market on the continued uncertainty inRussia. The dollar endured a heavy sell-off overnight in anticipation of the release of the U.S. independent counsel's report into the Clinton sex scandal. The dollar reached as low as 1.668 mark, the lowest level since May 1997, and 129 yen, the lowest level in five months. But the stock market rallied early capping early gains and forcing a retreat that held for the remainder of the session. "The gold is perceived as a safe investment right now," said one trader. "There's an element of a flight to quality based on the dollar. But I'm not sure if it directly corresponds with theClinton scandal." The rally in gold petered out just above $300 an ounce, which was interpreted by some traders as a bearish signal. "If the market can't hold $300, then the message is sell until it can," said one trader. infobeat.com