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Gold prices slip on firm dollar

LONDON: Gold slipped lower in Europe on Friday as the dollar firmed, dampening the momentum which has lifted prices more than nine percent this month after reports of central bank gold buying.

Spot gold was bid at $1,138.60 an ounce at 1434 GMT, against $1,143.50 late in New York on Thursday. US gold futures for December delivery on the COMEX division of the New York Mercantile Exchange fell $3.00 to $1,138.90. Analysts said gold was likely to take support from interest in the metal as a hedge against inflation, which some fear will hit the markets longer term as a result of money flooding into economies via quantitative easing.

Silver was at $18.23 an ounce against $18.51. Metals consultancy GFMS said on Thursday the metal may rise above $20 an ounce as surging investment more than offsets a drop in fabrication demand. Platinum was at $1,430.50 an ounce against $1,441.50, while palladium was at $356.50 against $366. Fellow platinum group metal rhodium rose to a fresh 13-month high of $2,675 an ounce on Friday, lifted by speculative demand in anticipation of a bounce in car sales. Ruthenium meanwhile jumped 23.5 percent to $105 an ounce, tracking gains in other platinum group metals this year, as investors sought out hard assets. reuters

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