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To: Peter V who wrote (4352)	10/16/1998 3:21:00 PM
From: cool	Respond to of 14427

Gold settles higher The spot price of gold bullion settled higher Friday in light North American dealings on the Comex. Traders said gold was suppoirted by the dollar weakness against the Japanese yen on global currency markets and buying following the Fed's decision to cut interest rates. A cut in rates is usually positive for the precious metals complex and this time the speed of the move increased concerns about how bad the economic situation really is, experts said. The market also was supported by the decision by the Swiss Ministry of Finance to delay its referendum on reducing the level of the country's central bank gold reserves to 25 percent of the total reserve from the current 40 percent, dealers added. However, traders said, Gold eased in Europe as the market fell under speculative selling pressure with optimism fading over the possibility of cut in European interest rates. On the metals markets, in late trading on New York's Comex, a 100- troy-ounce gold futures contract for December delivery rose by $2.60 an ounce to $301.80. Republic Bank said the cash price for gold rose by $2. 75 an ounce to $300.90. A 5,000-troy-ounce silver futures contract for December delivery rose by 5.5 cents to $4.95 an ounce. Republic's cash price rose by 5 cents to $4.94 an ounce. In Europe, gold eased by 20 cents an ounce in Zurich to $298.15 and dipped by 50 cents in London to $297.25. Silver improved by 1 cent in Zurich to $4.81 an ounce and rose by 1 cent in London to the same $4.81 an ounce. In Asia, gold rose by $3.67 to $299.85 an ounce in Hong Kong. _- Copyright 1998 by United Press International.