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Europe Precious Metals Review: Gold nervous, awaits UK
auction
Sep. 12-MAR-- By
Andrea Hotter London, Sept. 12 (BridgeNews) - Gold prices
became slightly morestable after a very volatile trading session in Asia
overnight, withmarket players taking what one trader described as a "flight
of safety"into the bullion market following the tragic terrorist attacks in
New Yorkand Washington Tuesday. Market players remained extremely nervous,
withconditions illiquid, and dealers said the pending Bank of England
goldauction later this morning will likely see an increased subscription
rateas a
result.
*
*
* Spot gold moved around the U.S. $280 per ounce level for
much of thesession having hit a high of $290 on the back of short covering
in Asiaovernight. Profit-takers are said to have
entered to keep prices more stablearound $280, with buying pressure coming
off as the U.S. dollarstrengthened and the market became more
stable. Traders said they expected the upside to ease in
the afternoon, butare cautiously watching the planned auction of the Bank of
England's 20tonnes of gold reserves at around 1215 BST. "Gold has regained
itsreputation as a safe haven," one dealer added. Spot
gold fixed at $279.50 from $271.40 previously. Platinum
and palladium meanwhile saw little trade although pricesgained strength from
the rise in gold, with platinum fixing at $455.00from $443.00 and palladium
fixing at $465.00 from $455.00 previously.
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