LONDON Reuters – Gold climbed on Thursday as the dollar gave up its earlier gains versus
LONDON (Reuters) – Gold climbed on Thursday as the dollar gave up its earlier gains versus the euro and oil rose above $68 a barrel, stoking fears of inflation. Asian MarketsThe metal briefly turned lower as the dollar firmed after the European Central Bank’s decision to leave rates on hold, but rebounded as the dip met strong buying interest, dealers said.Spot gold was bid at $977.05 an ounce at 1510 GMT, versus $962.15 an ounce late in New York on Wednesday, having earlier risen as high as $978.00.U.S. gold futures for June delivery on the COMEX division of the New York Mercantile Exchange rose $13.30 to $977.80 an ounce.”Gold dipped, but then rebounded as it tracked the EUR/USD (euro-dollar exchange rate),” David Thurtell, an analyst at Citigroup, said.”The EUR/USD is rallying as Trichet signals that the worst of the recession has passed,” he said. “European growth prospects are therefore looking positive, which should continue to attract money to the region.”The euro cut its earlier losses against the dollar in volatile trading as Trichet’s comments did little to change expectations for future interest rates in the euro zone. Fresh dollar weakness may prompt buying of gold as an alternative, and will make dollar-priced commodities cheaper for holders of other currencies.Oil rose above $68 a barrel after U.S jobs data showed a fall in jobless claims.
Rising crude prices help boost interest in commodities as an asset class, and can prompt fresh gold buying to hedge against oil-led inflation. “Inflation fear will be the driver (of gold) for a long time,” one European gold trader said.STOCKS RISEOn other markets, European shares rose in afternoon trade, after weakening in the wake of the ECB decision, while U.S stocks were little changed. .EU .N.On the investment side, holdings of the world’s largest gold-backed exchange-traded fund, New York’s SPDR Gold Trust, posted a small 1.5-tonne fall on Wednesday. The three gold-backed ETFs operated by London’s ETF Securities added 36,655 ounces of bullion to their reserves that session. But gold demand from India, the world’s biggest bullion consumer, was sluggish as prices stayed high.Silver was $15.66 an ounce against $15.30, tracking moves in the gold market.Platinum was at $1,271.50 an ounce versus $1,233.50, while palladium was $248.50 against $240.50, both benefiting from fund buying.
ETF Securities said its silver and palladium ETF holdings both hit record levels on Wednesday.Platinum refiner Johnson Matthey warned its profits and sales would fall over the coming months as the world car industry continued to struggle.Goldman Sachs, however, said U.S. auto sales were likely to improve in the second half of 2009.(Editing by Sue Thomas) Asian Markets. SmartAttach is far more than a failsafe – it is also a faster, more secure, moreefficient and reliable way to deliver email attachmentsWASHINGTON–(Business Wire)–IceWarp announced today that IceWarp Unified Communications Server Version 10,due for release this month, will include a new radical technology that givesusers the ability to delete email attachments even after they have sent themessage – a technology that IceWarp aptly named SmartAttach. This failsafetechnology is just one of many solutions that IceWarp SmartAttach brings tobusiness. The following is an overview of SmartAttach`s principal solutions: 1)Senders Can Delete Email Attachments Even After the Message Has Been SentSender’s Regret is the angst that one experiences when they realize they cannotrecall a document they have sent via email.
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