New York precious metals prices moving downward

New York (Platts)--28Aug2006

Gold and its sister precious metals have been heading downward on the New
York futures exchanges since the opening, as the stronger dollar continued to
exert pressure on gold.

The COMEX nearby December gold futures contact fell $3 to $619/oz at
10:21am in light trading and September silver fell 15 cents to $12.22/oz. On
the NYMEX, the nearby October platinum contract fell $6 to $12.27/oz and
September palladium declined by $2.80 to $343/oz.

The weaker tone in gold has been attributed to the strength of the
dollar, which continues to gain ground against other major currencies. The
greenback is currently trading at Yen 117.05 and $1.2811 against the euro.
Trading in the currency markets has remained brisk and volatile.

This week promises to be an interesting one for gold, with the pending
showdown between Iran and the United Nations and continued violence in various
parts of Asia. Analyst expect gold's safe-haven role will again come into play
and lead to a rebound in gold prices.
Ovid Abrams; ovid_abrams@platts.com

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