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Gold up in Tokyo

unchanged in HK

TOKYO: Tokyo precious metal futures basically maintained a bullish mood following yesterday's price rallies, but some metals received profit-taking selling from local investors, traders said. Yen-based gold futures ended mostly higher, except for spot August. Benchmark June was up four yen per gram at 1,206. The New York market's falls overnight imparted a bearish mood, but investors continued to buy, traders said. "Some local investors could not place buy orders yesterday, as trade houses lined up for massive buy orders. The investors rushed to buy from the morning today," a brokerage house trader said. Spot gold was at $383.35/383.65 per ounce at the Tokyo close against $382.45/95 in New York on Wednesday. Most months of platinum futures continued to advance on renewed buying from local investors, the traders said. Benchmark June was up 16 yen per gram at 1,293. "We see an immediate upward target for the June platinum at the 1,300 yen line. Further buying is expected when the price advances to that level," another brokerage trader said. Palladium futures were mixed at the closing, as distant months fell on profit-taking selling, the traders said. Benchmark June was down one yen per gram at 465. Silver futures closed mixed. Prices ranged from 1.9 yen per 10 grams lower to 2.8 yen higher. Benchmark June was up 2.8 yen at 169.0. HONG KONG: Gold closed unchanged from its firmer opening, dealers said.

"There was Asian buying and short-covering despite a dip in New York overnight," said a dealer at a major bank. "But trading was very quiet in the local market. The price of gold stayed within a 50 U.S. cent range all day."

Bullion ended at US$383.20/70 an ounce, up from New York's US$382.30/80 close. "The market was mixed on the immediate gold trend, with support at US$382.50 and resistance at US$386," a dealer added. "Most investors are focusing on the U.S. dollar to provide short-term direction for gold."

Local gold ended HK$9 lower at HK$3,537 a tael.-Reuter