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

To: Little Joe who wrote (25420)	1/4/1999 10:54:00 PM
From: long-gone	Respond to of 116790

LJ, remember, ITYS about cotton - July. rh.

To: Little Joe who wrote (25420)	1/5/1999 6:00:00 PM
From: goldsnow	Respond to of 116790

Gold bears wary but bolstered by weak demand 07:04 a.m. Jan 05, 1999 Eastern LONDON, Jan 5 (Reuters) - Bearishness towards gold increased on Tuesday after the metal failed to attract increased demand in Asia despite multi-year lows in local prices, London dealers said. Gold hit 3-1/2-year lows in yen terms overnight, helped by the soft dollar, but failed to spark the increased Japanese buying some had anticipated. Dollar weakness versus the yen often boosts demand in Japan, and in neighbouring countries with yen-influenced currencies, as local gold prices fall. Instead, gold's brief rise near $288.00 in early Asian business hit Australian sales which wiped out gains, damaging already fragile sentiment, dealers said. London gold fixed at $287.00 a troy ounce in the morning, barely changed versus Monday afternoon's $287.15. ''Gold is still struggling,'' said Metals Analyst Rhona O'Connell of brokers T.Hoare & Co, adding that a test of $285.00 support was becoming increasingly likely. ''It's hard to see exactly where the buying can come from on the gold, except for bear traps, which are usually short-lived,'' said one London dealer. ''Everybody seems bearish. Gold has had every opportunity to rally, with the weak dollar and everything else but you can see where it is now,'' said another dealer. One factor he said might help gold in the short term was national central banks' likely preoccupation with adjusting their foreign exchange reserves after the euro launch, something which could distract them from selling any excess gold holdings. While the dollar recovered late on in Asia, it weakened once again in Europe to be last at 110.96/1.00, back near its overnight, 19-month low of 110.53 yen. Spot gold was last at $287.20/$287.60, 10 cents up on the previous New York close. Silver was last up two cents on New York at $4.92/$4.94 while platinum was last at $361.50/$363.50 versus New York's $364.30/$366.30. Palladium was unchanged $330.00/$335.00. ((Patrick Chalmers, London Newsroom +44 171 542 8057. london.commodities.desk+reuters.com)) Copyright 1999 Reuters Limited.