Tokyo gold up on weak yen

21 Jan, 2004

Tokyo gold futures inched up on Tuesday despite weak bullion prices, after the yen fell against the dollar.
The benchmark December 2004 gold contract on the Tokyo Commodity Exchange settled up six yen per gram at 1,403 yen, the day's high.
The day's low was 1,396 yen. Other months rose by three to eight yen.
"There was the yen's weakness to boost (TOCOM gold) but there was little apart from that and volume was also thin," a Tokyo brokers said.
Total gold turnover was estimated at modest 85,063 lots, or about 85.1 tonnes, down slightly from Monday's 87,695 lots.
In the spot market, bullion was fetching $406.25/7.00 an ounce at TOCOM's closing bell, compared with $406.70/407.20 last quoted in London.
The Comex market reopens later on Tuesday after on Monday's Martin Luther King Jr holiday in the United States.
The markets in Singapore and Hong Kong will close from on Wednesday until the end of the week for the Lunar New Year holidays. The dollar was fetching 107.49/52 yen, against 106.52/60 yen at about the same time on Monday.
The dollar extended gains against the yen on Tuesday, hitting a fresh high after the Bank of Japan surprised the market by easing its already super-loose monetary policy.
The dollar spiked as high as 107.62 yen on the news. Below are closing prices for TOCOM's most active precious metals contracts, with the day's turnover for each metal.

Read Comments