Metals - Gold up on weak dollar

Metals - Gold up on weak dollar; volumes light as US holidays continue
November 23, 2007: 07:30 AM EST

LONDON, Nov. 23, 2007 (Thomson Financial delivered by Newstex) -- Gold rose as the dollar remained weak, having hit a record low against the euro in Asian trading hours, which sparked demand from those trading in other currencies as they found the metal to be cheaper.

Dollar-denominated gold moves in the opposite direction to the dollar and in line with high oil prices, as it is seen as a hedge against inflation.

Oil, while lower on the day, was still within sight of a record high around 99 usd struck earlier this week.The US was on holiday for Thanksgiving yesterday and although some players have returned to their desks, ongoing celebrations will again keep volumes on the light side and no economic data is scheduled for release.

Gold surged to 845.58 usd an ounce in early November, just 0.5 pct lower than its all-time record high price of 850 usd in January 1990.At 12.02 pm, spot gold was trading up at 809.63 usd per ounce against 803.25 usd in late London trade yesterday. Earlier today gold hit a day-high of 815.60 usd.

Safe-haven buying has also helped lift gold's value. Credit-crunch jitters have hammered equity markets and gold has been bought as a hedge, as it is seen as a safe store of value.'Sentiment remains bullish as the latest credit jitters prompt further safe-haven positioning by investors and speculators...the recent period of consolidation has improved the technical picture, signalling a re-test of 850 usd,' said James Moore, analyst at TheBullionDesk.Com.

Some analysts warned however that after such dramatic price increases, short-term corrections are likely at some point.'There is the potential for short-term price corrections, we would view these in the context of what remains a strong medium-term uptrend for gold,' said Barclays (NYSE:BCS) Capital analysts.

There is also a strong possibility traders might sell off as the end of the year approaches to book profits.'I'm generally still bullish on gold but there is a definite possibility of a correction at the end of the year' said Walter De Wet, analyst at Standard Bank.Looking ahead, there is no important US economic data today to impact the dollar or gold.

In other precious metals, platinum was steady at 1,468 usd per ounce from 1,468.50 usd.Silver was up at 14.54 usd per ounce against 14.53 usd late in London yesterday, while palladium edged down to 349 usd per ounce against 349.50 usd.

美国商品市场：金价在清淡的交投中大幅上扬
2007年11月24日 04:17

黄金期货周五收盘大幅走高，美元最初下跌时金价曾一路飙升。

分析师表示，虽然美元后来反弹，但技术因素和原油走强仍令金价走高。本交易日界于感恩节(Thanksgiving)和周末之间，因此交投清淡。

Future Path Trading经纪商兼期货分析师Frank Lesh表示，由于市场交投淡静，金价波幅可能被放大；但投机人士和基金确实把资金重新投向了黄金。

纽约商交所，Comex十二月黄金期货合约收盘大幅上涨26.10美元，至每盎司824.70美元。市场今日提前收盘。

十二月银期货上涨31.5美分，至每盎司14.735美元。一月铂期货涨13.30美元，至每盎司1,480.50美元。十二月钯期货涨3.55美元，至每盎司361.50美元。交投最活跃的三月铜期货合约涨9.95美分，至每磅3.0295美元。