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

To: Don Green who wrote (22699)	11/6/1998 8:10:00 PM
From: skelly	Read Replies (1) \| Respond to of 116753

If the yen is collapsing would not there be more demand for gold in Japan ?

To: Don Green who wrote (22699)	11/6/1998 9:15:00 PM
From: goldsnow	Read Replies (2) \| Respond to of 116753

Gold steady in Europe, talk of producer buying 11:28 a.m. Nov 06, 1998 Eastern LONDON, Nov 6 (Reuters) - Gold held steady in late European trade on Friday, clinging to overnight gains made in New York, dealers said. Gold was last quoted at $293.30/$293.80 an ounce, slightly down on Thursday's New York close at $293.70/294.20. Dealers said bullion's recent rally might be a result of producers buying back hedge positions, hoping to sell their gold forward at a higher price at a later stage. ''There are rumours going around about producer buybacks, obviously of an Australian nature,'' one dealer said. The Australian dollar has firmed over the past two months from August lows against the U.S. dollar, making the price of gold in Australian dollar terms cheaper at around A$460.00. ''They were always said to be a little bit overhedged anyway and buying back down here makes sense and obviously provides support to the gold price,'' the dealer said. She said prospects of further U.S. interest cuts -- which would force the dollar lower -- had also given support to gold. Dealers said they saw good support for gold at $288.00 while resistance would be at $295.00. ''I don't think it will break out of it in the short term. It is all a little bit quiet, a lot of people are talking about nothing happening until next year,'' another dealer said. Traders said they expected physical demand for gold to pick up in the run-up to Christmas while Japanese traders said demand for gold in Japan was surprisingly strong. The industry-funded World Gold Council said sales of gold investment products in Japan in October were about 10 to 15 tonnes, compared with seven to eight tonnes in September. Silver was dull as it tracked gold and it was last quoted at $5.02/$5.05 an ounce from the previous New York close at $5.03/$5.06. Dealers said silver's technical picture had strengthened with its move above the $5.00 level. Platinum and palladium continued lower after recovering this week from seven-year lows last week. Platinum was last quoted at $340.50/$342.50 an ounce from the previous New York close at $344.30/$346.30 while palladium was at $271.00/$276.00, $2 down from Thursday's New York close. Platinum prices had been under pressure due to ample supplies from major producers South Africa and Russia. Russia was expected to sell platinum metals heavily on the spot market as it did in December last year, before the Russian government's 1998 export quota for the metals expires at the end of this year, traders said. ((Marius Bosch, London newsroom +44 171 542 8065, fax +44 171 542 8077. london.commodities.desk+reuters.com)) Copyright 1998 Reuters Limited.