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

To: long-gone who wrote (25540)	1/6/1999 9:01:00 PM
From: goldsnow	Respond to of 116815

Gold trade brisker on currency moves, price flat 12:15 p.m. Jan 06, 1999 Eastern LONDON, Jan 6 (Reuters) - Gold trade perked up during late European business on Wednesday as dollar weakness versus key producer currencies spurred hedge buyback interest among miners, balancing out recent bearishness, dealers said. Brisker dealings took gold towards $288.00 an ounce bid once New York trade began only for prices to dull later. London gold fixed at $287.65 a troy ounce in the afternoon, up on the morning's $287.15, as two-way trade intensified. Spot gold was last at $287.40/$287.90, up 80 cents on its Tuesday New York close. ''I think gold demand is probably greater today given the level of the Aussie dollar and the rand,'' said one London dealer. Currency strength in both South African and Australia, home to major gold mining operations, took rand gold and Australian dollar gold prices to two and nine-month lows respectively. ''There's definitely some buying around from those sources although there's also also bits and pieces of selling,'' the dealer said. Silver fell back in late European trade, having earlier hit its $5.22 technical target on what one dealer said were short-covering gains. ''We'll have to see whether it closes above there. One or two funds might start participating on the long side if it does although it's so often a false dawn with silver,'' he said. Spot metal was last at $5.13/$5.15, still ten cents above its Tuesday New York close. Platinum held its ground through most of the European day, firming slightly to $359.00/$361.00 late on, $2.00 up on New York's previous close. Palladium dropped sharply as New York opened up, falling just over $6.00 to be last at 0$322.00/$327.00. ((Patrick Chalmers, London Newsroom +44 171 542 8057. london.commodities.desk+