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

To: Mark Bartlett who wrote (32520)	4/26/1999 7:12:00 AM
From: George Castilarin	Respond to of 116764

Precious metals start the week slowly in Europe LONDON, April 26 (Reuters) - Precious metals got the week off to a slow start during early European business on Monday, as palladium and platinum prices joined gold and silver in narrow range trading, dealers said. Gold was fixed in London at $283.10 a troy ounce in the morning versus Friday afternoon's $283.30. Gold ignored overnight news about sales by the International Monetary Fund, which had a British treasury official saying the UK would call for sales of 10 million ounces from reserves, the top end of the range of estimates on the size of possible sales. ''This is probably slightly over what some may have predicted but the market is already extremely short, so there has been little impact,'' one London dealer said. Another dealer said Britain's call might prompt investment funds to sell the market short on Monday, adding downside pressure to the price. The IMF's poor-country debt relief plan has attracted steadily more vocal support in recent weeks, to the detriment of gold, and may well feature during talks between Group of Seven finance ministers and central bankers in Washington this week. In other news, data released by the U.S. Commodity Futures Trading Commission late on Friday showed non-commercial positions in New York COMEX futures of 12,075 contracts long and 85,765 short as at April 20. That left a net short position of 73,690 contracts, 16 percent down on the April 8 peak according to Virtual Metals Research and Consulting UK. Spot gold was last quiet at $283.20/$283.70 a troy ounce compared with Friday's New York close of $283.30/$283.80. Palladium and platinum were quiet despite yen-based palladium futures having closed sharply lower in Tokyo trade. Most contracts fell by their daily limit of 40 yen per gram for their second straight trading day due to expectations Russia would soon start talks on 1999 platinum group metal supply contracts with the Japanese, Tokyo traders said. The Tokyo Commodity Exchange plans to raise the daily price limit on TOCOM palladium futures to 60 yen per gram on Tuesday from the current 40 yen, after most of the contracts ended limit-down for two trading days, an exchange spokeswoman said. Platinum was last at $354.50/$356.50, up 50 cents on its New York close, while palladium was down $2.00 at $355.00/$360.00 and silver was little changed at $5.15/$5.17.