NewsMine — economy — united-states — 2003 — 2003-pre-iraq — Viewing Item

Gold fires to highest 2 weeks { February 25 2003 } Original Source Link: (May no longer be active)    http://www.nytimes.com/reuters/business/business-markets-gold.html http://www.nytimes.com/reuters/business/business-markets-gold.html February 25, 2003 Gold Fires to Highest Level in 2 Weeks By REUTERS Filed at 5:49 a.m. ET LONDON (Reuters) - Gold fired to its highest level in two weeks Tuesday as investors piled into the safe-haven asset on Iraq war tension, a North Korean missile test and renewed weakness in the dollar. Spot gold (XAU-) was quoted at $358.70/359.50 an ounce by 5:35 a.m. EST, up from $356.00/356.75 an ounce at the New York close Monday as the euro (EUR-) and oil prices (OILOIL) gained. The yellow metal briefly hit $360.00 an ounce in Asian trade with confirmation that North Korea had fired a missile into the Sea of Japan. This added to investor jitters already stirred by prospects of a war in Iraq. ``Gold has a strong feel to it with the standoff in Iraq approaching a crucial phase and the North Korean situation adding to the nervousness in the global financial market place,'' said Standard Bank London in a report. ``Although we can expect some retracement before the COMEX opening, a close tonight above $358 will set up a test of resistance located at $365,'' it said. The United States, Britain and Spain Monday submitted a draft resolution to a polarized U.N. Security Council that said Baghdad had missed a ``final opportunity'' to disarm peacefully and avoid war. The move opened an intensive period of diplomacy. France and Germany came out strongly against the draft and a shift to a ``logic of war,'' circulating a rival proposal that would extend U.N. inspections for at least four months. Russia and China backed the French proposal. No vote was expected on the new resolution, introduced formally by Britain, for another two weeks. Members are expected to wait until after chief U.N. weapons inspector Hans Blix speaks to the council around March 7. Bullion has a history of price volatility in times of war. The metal gained $45 an ounce to $415 when Iraqi forces invaded Kuwait in August, 1990, then fell by $40 to $366 when allied forces began action to evict Iraq from the Gulf emirate in January, 1991. Gold was set or ``fixed'' in the London morning session at $359.10 an ounce, up from the previous fix of $355.20. In other precious metals, silver (XAG-) was quoted at $4.72/74 an ounce from $4.71/73 at the New York close Monday. Platinum (XPT-) was quoted at $678/683 an ounce from $671/676 and palladium at $248/253 from $249/257. Copyright 2003 Reuters Ltd. | Privacy Policy

Confidence 10 year low { February 25 2003 } Deficit rising fast { March 5 2003 } Dollar 4 yrs low { March 5 2003 } Funding arts crisis Gold fires to highest 2 weeks { February 25 2003 } No bubble party { March 10 2000 } Prewar stocks post biggest gain Stocks tumble below 8000 Us plants and wallets { February 25 2003 } World markets hit war fear Worst hiring slump 20yrs { February 5 2003 } Files Listed: 11

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