NEW YORK, May 19 (Reuters) - Gold futures in New York closed down and off from one-week highs on Thursday, as a higher dollar and a lack of momentum kept the metal within its recent narrow trading range, dealers said.
Silver slid back on speculative profit-taking after prices earlier reached a three-week high.
June delivery gold <GCM5> on the New York Mercantile Exchange's COMEX division fell $1.10 to settle at $420.80 an ounce, after trading from $423.30 to $420.60.
QUOTES
Futures Quotes
Market sources said gold was consolidating after a bout of fund liquidation in metals Currencies early this week, while commercial activity in futures appeared to be minimal.
Energy Grains
"Gold has set a base around the $420 level. It has been trading in a $3 range, very Indices closely watching the dollar and euro," said Frank Aburto at FC Stone in New York.
Interest Rates
"It's bound to remain steady and quiet over the next few days. I think $415 to $420 LiveStock is a good buying area."
Metals Softs
World Indices
"We are currently predicting a gradually depreciating dollar and given the relative inelasticity of global gold supplies, it is likely that gold will move sideways or increase CHARTS slightly over the next year," Wachovia Corp. said in its Metals Report 2005.
Futures Charts
Bond Yields
Wachovia forecast an average gold price of $430 for this year, with the metal rising Strategic Currency Charts to $434 by the fourth quarter.
NEWS
Latest Futures News
The dollar held higher in the afternoon, despite a surprisingly weak report on regional Economic News
U.S. business, as the currency looked technically firm.
World Market News
FUTURES MARKETS
A stronger U.S. currency tends to make dollar-priced commodities such as gold less Financials attractive to investors.
Commodities
Currencies
The euro <EUR=> last was off slightly at $1.2634.
Indices
Markets Review
Economic Indicators
The Philadelphia Federal Reserve's business conditions index for May slumped to 7.3, Macro almost a two-year low, from 25.3 in April. Economists had expected the headline
Interest Rates
index to fall to 19.0.
Expert Q&A Sessions
EDUCATION
Soft employment, prices paid and new orders components were also dollar-negative,
Knowledge
since they suggest the pace of U.S. interest rate hikes will not be quickened.
Workshops
Conventions
Spot gold <XAU=> last touched $420.30/421.00 an ounce, below Wednesday's New
York close at $421.30/2.00. London's afternoon fix on Thursday was $420.80.
BROKERS
Futures Brokers
Contact a Broker
July silver <SIN5> fell 6.5 cents to $7.14 an ounce, after trading $7.245 to $7.11.
Spot <XAG=> fetched $7.09/12 versus $7.18/21 previously. The fix was $7.18.
FOREX
DIRECTORY
Funds recently have been featured buyers in silver and sellers of gold, Standard Bank
said, owing to fluctuations in the spread between their respective prices.