Gold up but off highs
By Frank Tang
NEW YORK, June 13 (Reuters) - Gold edged higher on Wednesday
on safe-haven bids due to uncertainties in Europe ahead of a key
election in Greece, but the metal's repeated failures to break
above major chart resistance could trigger technical selling.
Bullion initially rose toward $1,625 an ounce after weak
U.S. retail sales and wholesale prices data raised the prospect
of additional monetary easing from the Federal Reserve.
Concerns about Spanish and Italian debt and
jitters over Sunday's Greek election also kept gold prices
The metal, which has largely moved in sync with risky assets
so far this year, pared early gains even though the euro
remained higher. Gold has repeatedly failed to break above
$1,640 for over a month despite several recent rallies.
"Right now there seems to be a disconnect with gold and the
euro, and my fear is that if we don't get above $1,640, we can
have from a $50 to $70 selloff in the coming days," said Anthony
Neglia, president of Tower Trading and a COMEX gold options
Spot gold was up 0.3 percent at $1,614.30 an ounce by
12:37 p.m. EDT (1637 GMT), having earlier hit a high of
$1,624.36. It is on track for its fourth consecutive daily rise.
U.S. COMEX gold futures for August delivery rose
$4.80 to $1,614.30 in moderate volume.
Among other precious metals, silver slipped 0.3
percent to $28.84 an ounce. Spot platinum gained 0.9
percent to $1,459.49 an ounce, while palladium eased 0.4
percent to $618.22 an ounce.
Prices at 12:37 p.m. EDT (1637 GMT)
LAST NET PCT YTD
CHG CHG CHG
US gold 1615.30 1.50 0.1% 3.1%
US silver 28.850 -0.099 -0.3% 3.3%
US platinum 1463.80 8.60 0.7% 4.6%
US palladium 621.30 -2.95 -0.5% -5.3%
Gold 1614.30 4.80 0.3% 3.2%
Silver 28.84 -0.10 -0.3% 4.2%
Platinum 1459.49 12.36 0.9% 4.8%
Palladium 618.22 -2.18 -0.4% -5.3%
Gold Fix 1619.50 6.75 0.4% 2.9%
Silver Fix 28.87 33.00 1.2% 2.4%
Platinum Fix 1460.00 9.00 0.6% 5.7%
Palladium Fix 625.00 5.00 0.8% -1.7%
"All truth passes through three stages. First, it's ridiculed, second it's opposed, and third, it's accepted as self-evident."