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European precious metals quiet, eyes on options

ZURICH: Precious metals closed scarcely

changed in Europe, with activity concentrated in Zurich due to

London's closure for a public holiday. Hong Kong's holiday

closure also dampened early business.

Gold finished at $382.80/383.30 an ounce, up from a low

point of $382.20/70 in early afternoon but only just above last

Friday's closing $382.75/383.25. Current trading range is 382

to $385.

Traders said the market would remain quiet until Tuesday,

when prices could be buffeted by the expiry of August options,

although the direction of any movement was unpredictable.

Silver closed at $5.62/64 an ounce, two U.S. cents up from

Friday. The metal was said to have stabilised after its fall

from $5.80 at the start of last week.

"Tomorrow after the expiry of the options we should get a

clearer idea of the direction for silver over the coming days,"

one trader said.

Platinum ended at $432.00/433.00, compared with

$430.60/432.60 last Friday, and palladium at $148.25/149.25,

compared with $148/149.-Reuter