Bullion slips in London as traders take profits after blasts
London (Platts)--7Jul2005
Bullion began to slip in early afternoon trading as traders used Thursday's morning rally to take profits. Gold was bid at $425.20/oz at 1250 GMT, down on its earlier bid price of $428.60/oz at 1037 GMT and also down on its morning fix at $427.85/oz. A series of explosions both on the London Underground and on London busses has, on first reports, killed two people and injured close to 200. British Prime Minister Tony Blair said it was "reasonably clear" that there had been a series of terrorist attacks. Media reports suggest that an Islamist website has posted a statement--purportedly from al-Qaeda--claiming it was behind the attacks. London Underground officials have confirmed the entire underground and bus network had been suspended after they were called to incidents in Edgware Road, King's Cross, Liverpool Street, Russell Square, Aldgate East and Moorgate stations, most of which serve London's financial district. James Moore, an analyst with thebulliondesk.com said that traders "would be quite keen to use the rally to liquidate long positions. Gold rallied by $4 so it was a good opportunity." He said that gold could struggle at lower numbers for the rest of the day.
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