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Mix-Ansicht- Gold edges down in Europe on Bundesbank news - off-shore-trader, 21.01.2004, 13:48
Gold edges down in Europe on Bundesbank news
-->LONDON, Jan 21 (Reuters) - Gold bullion fell slightly in Europe
on Wednesday as news of Germany's Bundesbank requesting an option to sell gold under any new
central bank agreement halted a moderate climb on dollar weakness.
Markets were weighing the possible renewal of the Central Bank Gold Agreement, due to expire
in September 2004, under which banks disposed of excess bullion without flooding the gold market
over the past five years.
The Bundesbank said on Wednesday it had requested an option to sell 600 tonnes of gold as
part of any renewed agreement.
"The German story has taken the shine off the upside a bit, but we're holding steady mid-range
between $405 and $415," Ross Norman of TheBullionDesk.com said.
"There are now two flows of information directing gold, with the dollar providing an upside
and the Bundesbank (news) weighing down," he said.
Austrian Central Bank governor Klaus Liebscher was quoted as saying earlier this week that
he was optimistic the agreement would be renewed and formalised soon.
UBS Investment Bank analyst John Reade expected a formal announcement in the first quarter
of 2004.
"The lack of an agreement by the summer would spook the market. That is why it would be good
to get it out of the way," he said.
Analysts said gold would continue to track minutely the dollar's movements after soaring
to a 15-year peak of $430.50 an ounce on January 6 as the euro notched a lifetime high against
the U.S. currency.
The metal subsequently fell just under five percent as the dollar gained strength on positive
U.S. economic data and comments from euro-zone officials that the sharp appreciation of the euro
was a concern.
Analysts expect further volatility ahead of a Group of Seven (G7) meeting on February 6-7
where they expect the euro's strength versus the dollar will be discussed.
By 1200 GMT spot gold <XAU=> was at $410.75/411.75 versus New York's closing price of $412.00/412.75.
Spot silver <XAG=> was at $6.31/6.33 an ounce, a touch up on New York's $6.30/6.32.
Platinum <XPT=> edged higher to $861.00/866.00, up on New York's $860.00/865.00 and nearing
a 23-year peak of $868.00 reached last week.
Palladium <XPD=> extended its steady climb to reach $224.00/229.00 versus New York's $217.50/223.50.
<ul> ~ hier</ul>
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