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

To: Enigma who wrote (22161)	10/22/1998 8:03:00 PM
From: Don Green	Read Replies (3) \| Respond to of 116782

4:07 PM ET 10/22/98NY precious metals end lower across board NEW YORK, Oct 22 (Reuters) - COMEX and NYMEX precious metals futures ended lower across the board Thursday on moderate volumes, though gold was the only metal in the complex to show any significant direction, traders said. "Gold was a little disappointing today, given the overall weakness in the dollar on the day and the early slippage in the U.S. stock market," said James Steel, an analyst with commoditybroker, Refco. "But precious metals markets have been pretty unexciting of late with only limited producer and central bank activity, meaning a little light long liquidation by funds and the trade has seen gold prices break below recent trading ranges today,"he said. COMEX December gold futures ended down $3.20 an ounce at $293.60, after seeing a session low at $292.90, the lowest intraday level in three weeks. Total COMEX gold volume was just above average at 45,000lots. In the bullion market, spot gold ended quoted $292.00/50 an ounce, compared to the London Thursday afternoon fix at $292.90 and Wednesday's New York close at $295.00/50. In the past six weeks gold prices have recovered from a 19-year low around $270.75 an ounce, with the bounce propelled by fund shortcovering as the U.S. dollar and world stockmarkets fell sharply. COMEX December silver ended down just 0.2 cent at $4.883 an ounce, after being settled unchanged for the last two days in arow. Spot silver ended quoted $4.88/91, compared to the London Thursday fix at $4.8800 and the New York close Wednesday at$4.88/91. "With growth prospects for the global economy being ratcheted down a few notches lately, industrial demand for silver is likely to be subdued," one bullion banker said. Spot silver prices fell to a 12-month low at $4.62 an ounce on August 28 before recovering in the past six weeks. NYMEX January platinum lost $4.60 to end at $336.90 an ounce, not far from the contract low at $335.00 seen earlierthis week. NYMEX December palladium ended down $1.15 at $273.85.