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

To: long-gone who wrote (28587)	2/19/1999 5:44:00 PM
From: goldsnow	Respond to of 116764

Silver rallies, gold in range watching G7 meeting 12:05 p.m. Feb 19, 1999 Eastern LONDON, Feb 19 (Reuters) - Silver staged a small rally in Europe on Friday helped by volatile forward rates while gold edged higher but still remained rangebound, dealers said. Traders said gold's move upwards was restricted after rumours that the yellow metal will be addressed at Saturday's Group of Seven finance officials meeting in Bonn. British Chancellor of the Exchequer Gordon Brown told reporters on Friday that he would make new proposals to speed up debt relief for the world's poorest countries at the meeting. The British proposals are the latest in its continuing drive to accelerate debt relief and reinforce recent calls from other G7 countries, particularly Germany and United States, to push the process forward. Germany also wants a reduction in the number of years needed to qualify for debt relief while the U.S. backs an idea of selling some of the International Monetary Fund's gold reserves to fund the Highly Indebted Poor Countries (HIPC) debt relief, currently seen at about $8 billion. Brown said the existing proposal was to sell five million ounces of IMF gold but that Britain wanted a greater amount to be sold. Bullion dealers said the weekend meeting would be watched carefully by the market. ''If something comes out and it is gold-related, it is going to be important for the market. ''Perhaps the market was happy to receive that (Brown's comments) and was a bit short in the first place and hence we held this kind of number,'' one dealer said. Gold was last quoted at $286.40/$286.90 a troy ounce against Thursday's New York close of $285.50/$286.00. Traders said silver moved higher on tighter lease rates. ''It is more of the same in silver, another squeeze on the lease rates which has pushed silver up 10 cents or so but we have not made new lows on the lease rates, so maybe the momentum is just petering out a little bit. ''But the risk is still very skewed to the upside,'' another London dealer said. Silver was last quoted at $5.60$5.62 a troy ounce, up from Thursday's $5.51/$5.53 close in New York but below the day's highs of around $5.65. Platinum and palladium eased from the day's highs in London in the afternoon. Platinum fixed at $380.00 an ounce in London on Friday morning, its highest level in six months. Dealers said the price rise was due to scarcity of the metal for lending. Platinum was last quoted at $373.60/$375.60 an ounce from the New York close on Thursday at $373.50/$375.50. Palladium was last at $349.00/$354.00 from $356.40/$361.40. ((Marius Bosch, London newsroom +44 171 542 8065, fax +44 171 542 8077. london.commodities.desk+reuters.com)) Copyright 1999 Reuters Limited