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

To: Alex who wrote (19971)	9/28/1998 11:33:00 AM
From: Sergio R. Mejia	Read Replies (2) \| Respond to of 116768

Spot gold moves in narrow range 09/28/98 04:34 ET Tokyo--Sep 28--Spot gold hovered around Friday's late US market level as players stood on the sidelines due to gold's unclear price direction, dealers said. Spot platinum also remained in a narrow range with players unable to determine a price direction from the US dollar/yen, dealers said. Some players who late last week had anticipated short-covering would push nearby gold to above $300 were disappointed, given the rangebound price movement during Asia trade, dealers said. Uncertainty about the near-term direction of prices made players hesitant about opening fresh gold positions today, they said. Dealers said there were few sellers in the market today. They said that although Australian dollar-denominated spot gold prices topped Aus $500 today, little selling by Australian producers was noted. In addition, dealers wanting to sell gold have been unable to borrow large amounts of gold in the market because recent reports of credit difficulties at a few international financial firms, such as Long-Term Captial Management, have made some gold holders reluctant to lend, they said. Due to reduced lending, 1-month lease rates for gold have risen to around 2.0%, up from 0.5% in early September, they said. Some dealers expect spot gold to fall in the near term because players who bought gold on Friday may liquidate part of the positions if spot gold prices fail to rise. Other dealers expect nearby spot gold to move between US $287 and $300 per ounce. Speculators on the Tokyo Commodity Exchange were hesitant to open short and long platinum positions today because they could not determine the price direction from the dollar/yen, which moved between 135 and 137 today, dealers said. Many players have continued to expect TOCOM speculators to cover their Oct 98 short positions this week, despite the fact these speculators did not reduce their shorts today, TOCOM dealers said. Spot precious metals prices are in US dlrs per ounce: Tokyo 0630 GMT Tokyo 0000 GMT Late New York Gold 294.40-294.90 293.90-294.40 293.90-294.40 Silver 5.19-5.22 5.19-5.22 5.15-5.18 Platinum 359.00-361.00 359.00-361.00 360.00-362.00 Palladium 285.00-290.00 284.50-289.50 285.00-290.00 Tokyo Commodity Exchange for Industry futures for Aug 1999 delivery. Prices in yen per gram, except silver in yen per 10 grams: Settlement Open Chg on previous day's close Gold 1270 1273 +4.0 Silver 220.8 224.7 -0.1 Platinum 1496 1504 -7.0 Palladium 1160 1175 -9.0 -- Hiroyuki Fujiwara and Polly Yam in Hong Kong, Bridge News