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PRECIOUS-Platinum stays near 2-month high, gold firm
August 21, 2012 / 4:01 AM / 5 years ago

PRECIOUS-Platinum stays near 2-month high, gold firm

* Expectations for monetary policy easing support gold,
silver
    * Spot gold hits one-week high at $1,623.30/oz
    * Coming up: U.S. ICSC chain stores, weekly; 1145 GMT


    By Rujun Shen
    SINGAPORE, Aug 21 (Reuters) - Platinum on Tuesday hovered
just below a two-month peak hit in the previous session as
concerns over supply from top producer South Africa festered,
while gold firmed on expectations for further monetary stimulus.
    Lonmin , the world's third-largest platinum
producer, conceded that sacking 3,000 workers at its Marikana
mine could lead to more violence, after deadly clashes last week
killed dozens. 
    Spot platinum had lost 0.1 percent to $1,485.10 an
ounce by 0640 GMT, off a two-month high of $1,492.99 marked the
day before.
    The gold-platinum spread stood at $137 an ounce, after
falling below $130 the session before, its narrowest since early
July.
    Gold was trading near the top of its range since May, with
sentiment supported by expectations for further stimulus
measures, despite the European Central Bank's effort to quash
speculation on its future bond buying programme. 
 
    "Ongoing expectations for further monetary easing globally
are keeping gold lifted," said Li Ning, an analyst at Shanghai
CIFCO Futures.
    "Physical demand is likely to pick up in September, and that
gives hope to gold bugs too." 
    Spot gold edged up to a one-week high of 1,624.20 an
ounce, before easing slightly to $1,622.91, on course for a
fifth straight day of gains.
    The U.S. gold futures contract for December delivery 
rose 0.2 percent to $1,625.40.
    Reuters market analyst Wang Tao said that charts suggested
spot gold might test resistance at $1,626.06, with any break
through that level triggering a gain to $1,650. 
    
    
    SILVER SURPRISE
    Spot silver jumped nearly 3 percent on Monday to a
two-month high of $28.84, surprising traders and analysts. The
move, helped by the rally in platinum prices, was the sharpest
one-day rise in more than a month and pushed silver above its
100-day moving average for the first time since April.
    Silver, with dual properties as both precious and industrial
metal, was trading at $28.78
    "I think everyone is waiting for some action between
September and December after a few months of directionless
trade," said a Shanghai-based trader.
    "If we see policymakers announce stimulus measures, and
these measures meet expectations, prices will rally. If not,
prices will retrace."
    
   Precious metals prices 0640 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1622.91    2.82   +0.17      3.78
  Spot Silver        28.78    0.01   +0.03      3.94
  Spot Platinum    1485.10   -0.10   -0.01      6.61
  Spot Palladium    601.20   -2.30   -0.38     -7.86
  COMEX GOLD DEC2  1625.40    2.40   +0.15      3.74         9032
  COMEX SILVER SEP2  28.74    0.14   +0.50      2.94         3858
  Euro/Dollar       1.2375
  Dollar/Yen         79.29
  COMEX gold and silver contracts show the most active months

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