August 26, 2006	Saturday	Sha'aban 1, 1427

LONDON, Aug 25: Gold was left to drift in London trade on Friday as dealers waited for a speech by the US Federal Reserve chairman for clues on interest rates. Fed Chairman Ben Bernanke will deliver a speech in JacksonHole, Wyoming at 1400 GMT, which could offer fresh clues on the path of interest rates and influence gold's next moves.

Spot gold was quoted at $622.00/623.50 per ounce at 0946 GMT, up slightly from $620.30/621.05 late in New York on Thursday. In the absence of fresh news, conflicting forces are cancelling each other out and leaving gold stuck in a range.

Gold is supported by high oil prices and the threat of a hurricane hitting the US that indicates the risk of inflation is decreasing, Fertig said. Gold is often bought as hedge against inflation.

Silver edged up but seemed to be losing some strength after rising as far as $12.59 an ounce on Thursday. Spot silver was quoted at $12.35/12.45 an ounce, versus $12.27/12.37 late in New York.

Silver, mainly used in jewellery, photography and electronics, rose to its highest level since May 31 at $12.66 an ounce on Wednesday.

In other precious metals, platinum fell to$1,221/1,226 an ounce from $1,227/1,232 late in New York. Sister metal palladium was down slightly at $341/346 an ounce.—Reuters