Skip navigation
Newswire

COMEX precious metals inanimate in early trade

NEW YORK, Nov 22 (Reuters) - COMEX gold and silver were comatose in early trade Friday, with switching the only feature and no news to inspire trade before the weekend and the U.S. Thanksgiving holiday next week.

"Next week is a short week and I don't think anybody is going to want to go home short in either of the markets," said a floor broker.

December gold at 0929 EST was unchanged at $317.60 an ounce, idling between $317.50-$318.50.

Spot bullion was indicated at $317.65/8.15, off from $317.95/8.45 at Thursday's close. London dealers fixed the morning spot reference price at $317.70 Thursday.

Investors wanted to keep gold close at hand as a safe-haven, in case Iraq fails to come clean by the Dec 8 deadline for it to submit a full account of all banned weapons to the United Nations.

The market is nervous about a second Gulf War to rid Iraq of weapons of mass destruction. The United States wants a regime change in Baghdad and has threatened severe consequences if Iraq balks at the tough new U.N. inspections.

But for now a rising stock market has sapped some of the upside momentum from gold, which hit 2-1/2 year highs over $330 an ounce in June as stock indices headed toward their lowest levels in half a decade.

December silver was 0.2 cent firmer at $4.47 an ounce, in a $4.48-$4.46 range. Spot silver was at $4.47/49, off from $4.50/52 at the close. It fixed at $4.46.

Dealers reported more than 1,000 switches each in silver and gold in the first half hour of trade.

To avoid having to take delivery of physical metal, funds must either liquidate long positions in December futures before first notice day on Wednesday or roll them to the next active contract -- February for gold and March in silver.

NYMEX January platinum was up 60 cents at $589 an ounce. Spot platinum was at $591.00/596.00.

December palladium was $1.80 lower at $278 an ounce. Spot palladium was at $274/286.