January 22, 2010 / 8:01 PM / in 8 years

US gold ends lower as Obama's bank proposal weighs

 NEW YORK, Jan 22 (Reuters) - U.S. gold futures ended down
on Friday, off their one-month low hit earlier in the session,
as President Barack Obama's proposal to limit banks'
risk-taking pressured the commodity markets.
 For the latest detailed report, click on [GOL/].
 GOLD
 * Gold for February delivery GCG0 settled down $13.5, or
1.2 percent, at $1,089.7 an ounce on the COMEX division of the
New York Mercantile Exchange.
 * Ranged $1,098.9 to $1,081.9 -- the weakest level since
Dec. 23.
 * Dennis Gartman, independent investor and publisher of
"Gartman Letter," said he prefers to own gold in dollar terms
instead of other currencies, as dollar's downside risk
increased after Obama's proposal.
 * Commodity markets fell further on Friday as Obama's
thread of restrictions on financial risk-taking, which could
dent flows into the asset class, continued to pressure the
complex. [ID:nLDE60L0V1]
 * Still, prices may rebound next week on bargain-hunting
after falling below the $1.100 level and on dollar weakness -
Carlos Sanchez, analyst at CPM Group.
 * Gold partially erases losses late in the session as
dollar turns weaker due to reversal of risky trades unnerved by
Obama's proposal. [USD/]
 * A weaker dollar usually increases gold's appeal as an
alternative asset to the U.S. currency.
 * COMEX estimated final volume at 231,611 contracts.
 * Gold/oil ratio at 14.64 against previous session's
14.44.
 * Spot gold XAU= at $1,087.15 an ounce at 1:48 p.m. EST
(1848 GMT), against the previous session's late quote of
$1,094.20.
 SILVER
 * March silver SIH0 ends down 57.8 cents, or 3.3 percent,
to $16.932 an ounce, tracking gold fall.
 * Ranged from $17.52 to $16.88.
 * COMEX estimated final volume at 47,215 lots.
 * Spot silver XAG= at $16.96 an ounce, versus the
previous session's late quote of $17.35.
 PLATINUM
 * NYMEX April platinum PLJ0 falls $47.6, or 3 percent, to
end at $1,544.5 on profit-taking after recent investment-driven
rally.
 * Ranged from $1,594 to $1,521.10.
 * Spot platinum XPT= was at $1,548.50 an ounce, after
touching a low of $1,520, its weakest since Jan. 6.
 * Still, platinum market structurally bullish for next 1 to
2 months as long as March contract holds above $1,400 - Rick
Bensignor at Execution LLC.
 PALLADIUM
 * March palladium PAH0 closes down $13.85, or 3.1
percent, at $440.10 an ounce, falling along with sister metal
platinum.
 * Spot palladium XPD= was at $432.50 an ounce.
                     Close  Change   Pct    2009     YTD
                                     Chg   Close   % Chg
US gold      GCG0    1089.70   -13.5  -1.2 1096.20    -0.6
US silver    SIH0     16.932  -0.578  -3.3  16.845     0.5
US platinum  PLJ0    1544.50  -47.60  -3.0 1471.00     5.0
US palladium PAH0     440.10  -13.85  -3.1  408.85     7.6
Prices at 2:36 p.m. EST (1936 GMT)
Gold         XAU=    1090.95   -3.25  -0.3 1096.35    -0.5
Silver       XAG=      16.96   -0.39  -2.2   16.84     0.7
Platinum     XPT=    1550.00  -43.00  -2.7 1465.50     5.8
Palladium    XPD=     432.00 -17.000  -3.8  405.50     6.5
Gold Fix     XAUFIX= 1084.00  -12.50  -1.1    1104    -1.8
Silver Fix   XAGFIX=   17.28  -40.00  -2.3   16.99     1.7
Platinum Fix XPTFIX= 1540.00   16.00   1.0    1466     5.0
Palladium FixXPDFIX=  432.00    3.00   0.7     402     7.5
 (Reporting by Patricia Velez. Editing by Marguerita Choy)

























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