Return
to Story Page
To print: Select File and then Print from your
browser's menu
REUTERS
Tokyo, Jan 14: Yen-based precious metal futures closed mostly firmer on Thursday reflecting a stable dollar against the yen, but their topside was blocked after heavy losses in New York overnight, traders said.
Activity was light and led by pre-holiday position squaring, they said. Tokyo precious metals futures market will be closed on Friday for a National holiday.
Gold futures ranged from five yen per gram higher to four yen down. Benchmark December ended up two yen at 1,035 yen.
"The gains just reflected the dollar's firmness against the yen. Operators were disappointed at the lack of safe-haven gold buying overnight in the wake of Brazil's currency devaluation and weakness in New York stocks," one brokerage analyst said.
Spot gold was quoted at $286.10/50 an ounce at 0637 GMT, against Wednesday's New York close of $286.10/60.
In the currency market, the dollar was firmer above 113 yen by late Tokyo trade on Thursday, with Brazil's effective devaluation overnight raising speculation that financial turmoil may spread to Asia, dealers said.
Silver futures ranged from 2.6 yen per 10 grams higher to 0.5 yen lower. Benchmark December ended up 2.6 yen at 184.3 yen.
Platinum and palladium futures also ended firmer in line with the currency market rates, but gains were limited by jitters about the possibility that Russia could resume exports of platinum group metals (PGM) in the near future, traders said.
On Sunday, a source close to the Russian government said that physical deliveries of Russian platinum and palladium for 1999 are expected to begin Wednesday or Thursday after President Boris Yeltsin signed a decree setting export quotas.
"It is doubtful whether Russia will resume PGM deliveries this week. But it seems unlikely that Russia will suspend exports for as long as it did last year, given the recent media reports," another brokerage analyst said.
Even after Russia resumes deliveries, palladium is unlikely to fall far below $300 an ounce as Russian supply is expected to be smaller this year than last year, causing bigger supply shortage in the world palladium market, he added.
Palladium futures ranged from flat to 13 yen per gram higher. Benchmark December ended up 13 yen at 1,042 yen.
Platinum futures ranged from three to 15 yen per gram higher. Benchmark December ended up nine yen at 1,257 yen.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
------------------------------------------------------------
This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
------------------------------------------------------------