Financial Daily from THE HINDU group of publications
Tuesday, Dec 17, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 17, 2002 |
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Agri-Biz & Commodities
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Precious Metals Columns - Global Monitor Gold poised higher Our Bureau
MUMBAI, Dec. 16 LAST week belonged to gold, which enjoyed a great period with fund buying, largely driven by a softening dollar plus a deluge of geo-political concerns. The yellow metal broke through $ 330 per ounce on Thursday and then to a fresh three-year high of $ 335.25/oz on Friday. However, the much anticipated late Friday surge in New York did not appear and gold drifted slightly lower. The official price on Friday was $332.20/oz (London PM fix), up two per cent week-on-week. Although there were no major events to affect gold, a slew of supporting activities were seen. They included speculation on US reaction to the Iraqi dossier on weapons and successor to US Treasury Secretary; interception of a North Korean ship carrying Scud missiles and weapons; some market moving comments from those who matter; and a softening dollar against the euro. The weekly Comex commitment of traders report for December 3 showed that the net long position had eased modestly by 14.3 tonnes to 102.5 tonnes. For 2002, year-to-date price averaged $ 308.59/oz. Commenting on the surge in gold prices, Mr. Kamal Naqvi, analyst with Macquarie Research Equities said: "This was a very good week for gold and one cannot rule out another attempt at higher levels before the year-end''. Silver continued to gain from the moves in gold, jumping above $ 4.70/oz. Official Friday price was $ 4.74/oz (London AM fix), a gain of 1.9 per cent week-on-week. Platinum remained calm at around $ 600/oz, ending the week at $ 602/oz (one per cent gain), while palladium slumped below $240/oz to close at $ 239/oz on Friday (-3.6 per cent).
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