/ 16 November 1999

GOLD MOVES TOWARDS $300

GOLD moved towards $300 an ounce on Thursday in Europe, with dealers predicting prices could reach this level by Friday. The $300 level is the strike price for a large number of call options. Platinum and palladium continued to move higher driven by ongoing supply concerns from Russia a major producer of both precious metals and robust automotive demand. Gold’s rally began on Wednesday when fund buying hurled gold futures back towards $300 an ounce. Resistance was jumped at $295 fuelled by rumours that Britain’s Bank of England was planning to sell less gold at its next auction on November 29.