Gold and silver hold ground after advance

Gold and silver hold ground after advance
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First Published: Tue, Apr 03 2007. 03 14 AM IST
Updated: Tue, Apr 03 2007. 03 14 AM IST
SINGAPORE: Gold prices were little changed in Asia, after advancing for the past four weeks, amid speculation of possible diplomatic talks between the UK and Iran over the capture of British navy personnel. Silver was also little changed.
Gold, which often gains in times of political tension, has risen 5.8% since 15 British sailors and marines were detained by Iran on 23 March.
UK defence secretary Des Browne on Sunday called for “diplomatic means” to resolve the dispute adding that the government is in “direct bilateral communications” with Iran.
“Gold is waiting to break the trading range it’s in now without much news,” Nobito Kaneda, precious metal trader at Sojitz Corp., said over the phone from Tokyo on Monday.
Gold for immediate delivery was little changed at $664.30 an ounce at 6:04pm Sydney time. It rose 0.4%, or $2.29, to $663.79 an ounce on 30 March. In Japan, gold for delivery in February 2008 fell 3 yen to 2,532 yen a gram ($670) on the Tokyo Commodity Exchange.
Gold often moves in line with oil prices as some investors buy bullion to preserve the value of assets over time. Crude oil reached a six-month high on 30 March.
Gold sometimes moves counter to the dollar which may weaken for a third day against the euro on speculation that a US report on Monday will show a slowing in manufacturing growth in the world’s largest economy.
Gold futures for June delivery rose fell as much as $2.70, or 0.4%, to $671.70 an ounce and traded at $669.40 at 6:12 pm Sydney time in electronic trading on the New York Mercantile Exchange.
Silver for immediate delivery was little changed at $13.39 an ounce.
Platinum fell $2 to $1,241 an ounce.
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First Published: Tue, Apr 03 2007. 03 14 AM IST
More Topics: Money Matters | Commodities |