Friday, September 19th, 2025
Home »Agriculture and Allied » World » US MIDDAY: gold treads water before Greenspan speaks

  • News Desk
  • Aug 28th, 2004
  • Comments Off on US MIDDAY: gold treads water before Greenspan speaks
Gold futures orbited the break-even mark early Friday, as financial markets shrugged off economic data and waited for the head of the Federal Reserve to give his spin on the economy in a mid-morning speech.

December gold at 9:12 am EDT (1312 GMT), was up 50 cents at $410.10 an ounce, trading between $408.20 and $411.

Many traders kept to the sidelines as the government issued its first revision to second-quarter US gross domestic product right after New York gold trading opened.

Gold was unaffected by the figures, which showed a 2.8 percent annual growth rate, slightly slower than last month's advance report of a 3 percent rate.

The focus shifted to what Federal Reserve Chairman Alan Greenspan would say in Jackson Hole, Wyoming, in a speech due to begin around 10 am (1400 GMT).

Spot gold was at $406.85/7.60, hardly moved from $406.75/7.50 late Thursday. The morning fix in London was $406.85.

September silver was up 0.7 cent at $6.685 an ounce, trading between $6.67 to $6.73. Spot silver was unchanged at $6.65/68. Friday's fix was $6.675.

Supply concerns related to the strength of South Africa's rand lifted October platinum $12.60 to $868 an ounce by midmorning. Spot platinum fetched $865.00/870.00.

Impala Platinum Holdings Ltd, the world's second-biggest platinum producer, said its output of refined platinum jumped 17 percent to a record 1.96 million ounces in the business year that ended in June.

Implats said, however, production was expected to decline to 1.8 million ounces in the 2005 business year. The weak dollar has made exports from South Africa less economical.

September palladium was up $1.35 at $215.00. Spot palladium fetched $214.00/219.00.

Copyright Reuters, 2004


the author

Top
Close
Close