Gold falls slightly in early European trade

January 09, 2009

Commodity Online
LONDON : Bullion prices fell marginally in early European trade Friday as the dollar maintained a slight gain versus the euro ahead of a key U.S. non-farm payrolls data.

Spot gold slipped to $853.75/855.75 an ounce from $856.10 late in New York on Thursday. It has remained in a narrow range for much of the day ahead of the U.S. data.

U.S. gold futures for February delivery on the COMEX division of the New York Mercantile Exchange rose 10 cents to $854.60.

However, jewellery buying is relatively lacklustre and strong demand for investment coins and bars is said by traders to have slackened since its autumn peak.

In India, the world's leading market for gold jewellery, buying remains muted with prices at relatively high levels.

However, platinum has posted modest gains since the beginning of the year after a sharp sell-off in the last nine months of 2008, which knocked prices down 65 percent from their March highs.

Spot platinum was quoted at $991/996 an ounce, little changed from $991.50 late in New York on Thursday, while palladium was at $193.50/198.50 an ounce from $194.50.
Spot silver was at $11.14/11.20 an ounce against $11.08.

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