Gold remains under pressure on COMEX

Gold remains under pressure on COMEX

New York (Platts)--24Aug2006

Gold is experiencing heavy selling pressure on the COMEX Thursday morning
even though crude oil prices have eased due to profit taking. Analysts cite
the firmer tone in the dollar for the weakness in gold; the other precious
metals have managed to eke out small gains, so far.

The nearby December gold futures contract on the COMEX declined by $1 to
$632/oz at 10:24am, after opening at $634.20/oz and bouncing up to a high of
$635.50/oz.

"There has been a lot of selling this morning," one trader noted.

COMEX silver is holding steady even after yesterday's strong gains. The
nearby September contract rose by 4.5 cents to $12.56/oz at 10:26am.

The dollar has firmed up to yen 116.30 and $1.2808/euro.

On the NYMEX, the nearby October platinum futures contract rose by $2.50
to $1,239/oz at 10:25am and September palladium gained 65 cents to reach
$347.50/oz.

--Ovid Abrams; ovid_abrams@platts.com

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