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

To: Bobby Yellin who wrote (29736)	3/11/1999 11:12:00 AM
From: Alex	Respond to of 116762

3/11/99 - Gold glitters on hopes of Asian recovery <Picture> LONDON, March 11 (AFP) - Gold prices rose sharply on the London Bullion Market Thursday amid hopes of recovery in the troubled Asian economy and firmness of the yen against the dollar. The gold spot price rose to 294 dollars an ounce in early afternoon trading here from a closing price on Wednesday of 292.75 dollars. Analysts said that an expected recovery of the Asian economy was keeping the value of the yen firm against the dollar and increasing regional demand for gold. GNI trading house said: "Historically, gold has been a good barometer of the global economic cycle and its recovery seems to be coming alongside evidence that a more positive growth outlook is in place in the Far East." Traders predicted that the gold spot price might rise to 298 dollars an ounce in the near term. They noted with relief that there had been no large-scale selling of gold by central banks around the world so far this year. In 1998, gold prices were undermined by widespread selling by the official sector.