US gold ends flat as euro drops; IMF sale bullish
Mon Apr 26, 2010 3:09pm EDT
NEW YORK, April 26 (Reuters) - U.S. gold futures ended
almost flat on Monday, as a weak euro pressured prices after
the metal hit a 10-day high earlier in the session, and news of
limited gold sales by the IMF provided support.
* For the latest detailed report, click on [GOL/].
GOLD
* COMEX June GCM0 settles up 30 cents at $1,154 an
ounce.
* Ranged $1,151.10 to $1,160.70, the highest since April
16.
* IMF sold 5.6 tonnes of gold in February under the second
phase of its gold sales program - World Gold Council.
[ID:nLDE63P2C3]
* News confirmed market view that official-sector gold
sales to be limited due to renewed interest among central banks
- analysts.
* Lack of central-bank selling seen bullish - James Steel
at HSBC.
* Euro weakness due to problems with euro zone economies
should increase interest in gold as part of official reserves -
Dennis Gartman, publisher of Gartman Letter.
* Earlier, gold prices pressured by euro's drop against the
dollar and by profit-taking after a rally on Friday.
* Gold traders will pay close attention to developments
from CFTC's potential position limits as a public comment
period ends Monday for oil and gas markets. [ID:nN26184443]
* Any decision coming from CFTC on oil and gas may have a
bearing on metals futures - analysts.
* Weekly CFTC Commitment of Traders report shows that net
longs by noncommercial positions fell in latest week.
[ID:nN23222899]
* Trading volume had dropped last week, a sign that market
interest might be fading due to a lack of definite direction in
the price of gold. [ID:nN23563103]
* Comex estimated final volume at 84,535 lots.
* Spot gold XAU= at $1,153.75 at 2:53 p.m. EDT (1853
GMT), compared with $1,155.90 late in New York's previous
session.
