COMEX gold firmer early after trading briefly shut
Tuesday, May 10, 2005 3:02:57 PM

NEW YORK, May 10 (Reuters) - Gold futures in New York held steady on Tuesday but trading was very subdued after one floor broker was taken ill at the exchange, halting dealings temporarily in all New York commodities, floor sources said.
A slightly lower dollar was supporting metals prices, dealers said, but turnover remained extremely thin after the broker reportedly suffered a heart attack in the copper ring after the opening bell.
"Over on copper someone had a heart attack. Trading is back open now in the metals but the atmosphere is pretty somber, as you can imagine," said one floor source.
Markets at the New York Mercantile Exchange and the New York Board of Trade were closed from about 8:15 a.m. EDT until almost 9:15 a.m.
A NYMEX spokeswoman said that one market participant at the copper ring had a "medical emergency" and was taken to hospital, but his condition was not known.
By 10:30 a.m. EDT, gold for June delivery <GCM5> on the New York Mercantile Exchange's COMEX division stood 90 cents higher at $427.80 an ounce, trading from $426.60 to $428.40.
James Quinn, commodities commentator for A.G. Edwards & Sons, said a soft dollar helped prop up gold in muted trading.
"The dollar should bode well for the metals," he added. "But volume has backed off and I think we are going to trade sideways in here today."
A lower U.S. currency typically boosts dollar-denominated metals like gold by making it cheaper for traders holding foreign currencies.
Earlier, the gold market was bid up overseas on news that seven workers from South Africa's Gold Fields Ltd. were trapped deep underground at the firm's biggest mine after an earthquake hit the area.
Heraeus, the precious metals refiner, said in a report that bullion remains in the hands of the dollar. Spot gold appeared supported down at $422-426, with resistance seen up at $435-438, it said.
In currencies, the dollar eased against its main rivals as nerves crept in before data due on Wednesday that is seen showing the U.S. trade deficit swelled to a record $61.5 billion in March.
The buck had been firmer previously from a strong U.S. employment report released on Friday.
By midmorning, the euro <EUR=> was trading virtually unchanged on the day at $1.2865.
Spot gold <XAU=> last was worth $427.20/428.00 an ounce, versus Monday's late New York quote at
$425.80/6.55. Tuesday's afternoon fix in London was at $427.40.
COMEX July silver <SIN5> slipped 0.5 cent to $7.075 an ounce, dealing within $7.115 to $7.04. Spot silver
<XAG=> was flat at $7.04/07. The fix was at $7.06.
On the board at NYMEX, July platinum <PLN5> was up 40 cents at $879. Spot platinum <XPT=> changed hands at $876/880.
June palladium <PAM5> fell $1.15 to $194.50 an ounce. Spot palladium <XPD=> was quoted at $192/195.

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