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gennaio - Precious Metals: Spot Gold At Fresh High In Thin Trade
SYDNEY --Renewed dollar weakness lifted spot gold to a fresh record high in thinned
holiday trading in Asia Monday, leading gold to break the $900 a troy ounce level,
said traders and analysts. Despite gold's stellar run higher since the start of
the new year, market commentators discounted the likelihood of a correction or
consolidation, given uncertainties in the wider financial market that traditionally
attract investors to the safe-haven of bullion. At 0709 GMT, spot gold traded
at $902.50/oz, up $7.65 on the New York close, lifting from mid-session lows of
around $894. The next level of resistance is at $910/oz. Gold is building on bullish
momentum from the past two trading sessions, given concerns over the U.S. economy
and talk of drastic action by the Federal Reserve to stave off a recession, said
Westpac Analyst Robert Rennie. U.S. President George W. Bush promising tax rebates
as part of a wider economic stimulus plan and Federal Reserve Chairman Ben Bernanke's
speech last week outlining substantial additional action have sparked rumors of
a Fed emergency meeting to cut interest rates before a regular Federal Open Market
Committee Meeting this month. A dollar slump to $1.50 against the euro is "only
a question of time," Rennie said. Monday, the dollar fell to a six-week low
of $1.4874.
Market perceptions of the likelihood of a U.S. recession and
impact on the global economy have darkened over the past few weeks, with Goldman
Sachs last week forecasting a recession as the housing slump and credit market
turmoil spill over into the broader economy, again highlighting gold's investment
qualities during gloomier times. The market remains on edge for further bearish
economic news in the U.S., also eyeing Citigroup results this week, a Sydney-based
trader said, and a slew of U.S. economic data due this week, including the consumer
and producer price index, industrial production and housing starts. Gold's strong
performance continued to underpin other precious metals, leaving platinum prices
hovering close to fresh record highs at $1,560.50/oz, up $1.50. In
other metals, spot silver was 2 cents lower on the New York close at $16.25/oz,
while palladium was down $1.00 at $375.00/oz.
Overall trading activity was
thin because of a national holiday in Japan. Gold futures traded on Shanghai Futures
Exchange settled a tad higher on
global gains, but the large premium to overseas
peers capped gains. The benchmark June contract settled CNY1.49 higher at CNY217.79/gram
($933.50/oz). "SHFE gold is likely to remain rangebound in the near term,"with
domestic investors still trying get themselves familiar with the new product,
said Zhang Feiran, an analyst at Orient Securities Futures. Turnover of all contracts
down for fourth session to 63,442 lots, 48% less
than 121,468 lots on debut.
Spot gold traded on the Shanghai Gold Exchange ended higher on global gains. The
benchmark 99.95% grade rose CNY2.70 to close at CNY211.02 a gram, or $904.48/oz.
Gold bullion of 99.99% purity gained CNY2.78 to CNY211.18 a gram, or $905.17/oz.
Total turnover for the two grades rose to 3,428.1 kilograms from 2,809.9
kilograms Friday. |
