Dollar gains weigh further on gold and other commodities - New York Bullion Update
14th April 2005
The majority of commodities have continued to feel the pressure of a stronger dollar over the day following comments from the IMF overnight to the effect that US growth will outpace that of Japan and Germany. Oil has been the only major sector to buck the trend today; ticking higher amidst speculation US refinery capacity may not be able to meet the summer demand for gasoline.
Gold has drifted back to the $426 level ahead of the US open after fixing at $427.20.
Further pressure is likely during COMEX trade although a significant break below the 1.28 level for the Euro is needed to push gold out of the current $420-30 range. Traders are likely to focus on tomorrows Treasury’s data, for an indication foreign investor interest is sufficient to cope with the large trade gaps seen earlier in the week.
Silver has also tracked the movements of the dollar over the European session, dipping to $7.105 on the fixing.
With gold relatively steady and copper fining support around $3,100 silver is likely to follow, trading $7-7.30 short-term.
Platinum and palladium have continued in their recent short-term trading ranges. Platinum has traded $860-65, fixing this morning at $863 while palladium remains in the $190-200 area, fixing at $197.50.
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