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| 10 April 2005 | Sunday | 30 Safar 1426 |
COMEX gold ends higher
Active June delivery gold gained 40 cents to end at $428.80 an ounce on the New York Mercantile Exchange’s COMEX division, after trading from $426.40 to $429.40.
Dealers said firmer gold prices mimicked the euro’s moves in light dealings ahead of the weekend, rising despite slight pressure from a declining oil price.
James Moore at TheBullionDesk.com said in a note that bullion should keep to its $422 to $428 trading range heading into next week.
The market awaits Tuesday’s US data on international trade and the federal budget, as well as word from the International Monetary Fund about a proposal to sell part of its gold to fund Third World debt relief, Moore said.
The Bank of France reduced its gold reserves by 40 tons in 2004, Governor Christian Noyer said on Friday, noting future sales of any of its 2,984.7 tons would depend on the central bank’s judgment of market conditions.
The BoF has said it plans to sell 500 to 600 tons of gold over the next five years.
US light crude ended down 66 cents at $53.45 a barrel.
Chartist pegged support in June gold at $425 and then $421 to $420 with resistance at $431 to $432.
Estimated COMEX gold turnover was a mild 31,000 contracts. Open interest fell 915 lots to 275,135 lots as of April 7.
Spot gold last fetched $426.60/7.30 an ounce, compared with Thursday’s New York close at $426.00/6.80. The afternoon fix in London was $425.20.
Silver trading remained thin and choppy, with the dollar providing direction and prices pivoting around $7 an ounce.
May silver rose 9.0 cents to $7.165 an ounce, trading from $7.015 to $7.17. Spot silver priced at $7.13/7.16 vs. $7.04/07 previously. It fixed lower at $7.03.—Reurters
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