Gold, silver ease in European trade

January 27, 2009

Commodity Online
LONDON : Gold and silver prices fell marginally in European trade Tuesday as investors took profits after the last session's gains, with a firmer euro versus the dollar and an uptick in equity markets suggesting risk aversion is easing.

Spot gold dipped to a low of $891.60 an ounce during late morning trade here as against $902.65 late in New York on Monday.

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U.S. gold futures for February delivery on the COMEX division of the New York Mercantile Exchange fell $12.60 an ounce to $896.20.
Silver softened in line with gold to $11.96/12.02 an ounce from $12.04 an ounce late on Monday.

Both platinum and palladium suffered in recent months from fears over falling demand from carmakers, who account for around half of global consumption.

Platinum edged down to $951.50/961.50 an ounce from $959.59, while palladium eased to $187.50/192.50 an ounce from $190.

The euro jumped on Tuesday after a surprise rise in German corporate sentiment hinted companies there were less pessimistic over the economic outlook than expected.

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