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

To: Little Joe who wrote (22500)	11/2/1998 11:48:00 AM
From: Giraffe	Respond to of 116759

Monday November 2, 6:40 am Eastern Time Gold quiet in range-bound European trade LONDON, Nov 2 (Reuters) - Gold traded slightly higher in quiet European trade on Monday and was expected to remain in a tight range between $291.00 and $295.00 an ounce, dealers said. Gold was last quoted at $292.60/$293.10, up from Friday's close in New York at $292.30/$292.80. Bullion was fixed just higher in London at $292.75 against the Friday afternoon fix at $292.30. ''The markets is looking range-bound and most people seemed to be looking for not a lot to happen in the precious metals this week,'' one London dealer said. He said gold should remain in a tight range and expected bullion to move only on a big change in the dollar. ''If we get a big move in the dollar, either way to around 112 yen/dollar or to 120 yen/dollar, then we should see gold move,'' the dealer said. With a holiday in Japan on Tuesday, little action was expected. Charts offered little indication where gold should be heading, another dealer said. ''The charts are very non-committal, so no help there. The gut feeling is still for lower prices overall, with gold back close to the support.'' Dealers said last week's G7 policy measures did not have a large impact on gold, although the metal was trading slightly higher on Monday in Europe. ''All these economic fundamentals have some impact, but a dampened impact on gold,'' one dealer said. The Group of Seven industrialised nations said on Friday it planned to curb turmoil in the global financial markets by keeping a tighter check on short-term money flows and creating a $90 billion crisis-prevention fund. In fundamental news, the industry-funded World Gold Council said on Sunday that imports of gold into the Gulf Arab emirate of Dubai fell sharply to 19.33 tonnes in September, down 57 percent from the 45.36 tonnes imported in September 1997. These were the lowest monthly imports since October 1994, the WGC said. The WGC was quoting Dubai Customs figures. Around 80 percent of the gold imported into Dubai is re-exported to India, the world's largest consumer of gold. Silver remained above $5.00 an ounce and was last quoted at $5.03/$5.06, off the previous close at $5.04/$5.07. Brokers GNI said in a report that there was no sign of a downtrend in stocks on COMEX, which would cause a rally in prices. Platinum held steady at $335.00/$337.00, up from the close in New York on Friday at $333.00/$335.00. Palladium was last quoted at $270.00/$275.00 from $274.00/$279.00.