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

To: Enigma who wrote (23712)	12/1/1998 10:31:00 PM
From: Yiota	Respond to of 116762

N.Y. Precious Mostly Up Late;Gold Strong On Weaker Stock Mkt NEW YORK (Dow Jones)--Precious metals were trading mostly higher Tuesday as lower moves in the U.S. equity markets gave some strength to gold, traders said. (Prices in dollars per Troy Ounce.) Tuesday Chng On Tuesday Leading 1950 GMT Late NY Range Nymex Gold 293.75 +0.80 293.00-294.30 295.90(Feb) Silv 4.895 +0.02 4.87-4.91 4.910(Mar) Plat 351.50 -2.50 350.70-353.50 352.10(Jan) Pall 274.50 +2.00 272.77-N/A 271.65(Mar) George Gero, senior vice president of investments at Prudential Securities in New York, lower moves in the stock market Monday and during most of trading Tuesday and weakness in the U.S. dollar were behind gold's upward momentum Tuesday. The Dow Jones Industrial Average fell 100 points during Tuesday's trading day, but recovered its losses and was trading up 12.10 points at 9128.65 points at 2048 GMT. The U.S. dollar followed the DJIA and slipped to an intraday low of DEM1.6765 at 1550 GMT, it's lowest level against the Mark since Nov. 19. However, Gero said that despite the small amount of strength gold displayed Tuesday, the metal still looks weak after having lost about 50,000 contracts of total open interest when the December contract moved from the active to the spot contract. "It looks like through the end of the year, we're losing the audience," Gero said. Meanwhile, silver followed gold in what traders called a "reflex rally," and commented that the activity in both gold and silver was dominated by short covering. "The market had come off a lot yesterday (Monday) so we saw some recovery today," one New York-based trader said, adding that the small recovery wasn't too encouraging in that it didn't move out of Monday's range. Platinum and palladium futures both followed the precious metals complex lower, but cash palladium moved higher on the day. -By Betsy Dowling Stephens; 201-938-2018; betsy.dowling@cor.dowjones.com (END) DOW JONES NEWS 12-01-98 03:53 PM