950807

London gold

fixes just

firmer

LONDON: The bullion price jumped ahead following a mildly positive opening in New York and generally favourable technical indicators, dealers said.

It briefly hit the resistance at the top of its current range at $384.50 but found that barrier as difficult today as it was late last week.

"There is not much business about but the charts are pointing slightly upwards and some most people seem to be happy to stay square and wait for more positive signs," a dealer said.

Gold was fixed at $384.10 per ounce after $383.75 this morning and $384.00 on Friday.

The Comex December contract was about $0.90 ahead at $390.20 around the bullion fixing continuing in the narrow range seen last Friday.

The dollar continued to hold at over 90 yen and 1.40 marks, advances on the levels post Fed and Bank of Japan intervention in the markets last week.

Bullion dealers said the firmer dollar was not putting pressure on gold.

"It seems to be an in and out sort of relationship between gold and the currencies just now," a dealer said.

Dealers said borrowing gold around two percent for a month was an unusually high rate for normally quiet August.

Silver was taking a back seat to gold but the market still climbed to test $5.25, its highest level since mid July, backed by fund buying on Comex. However the resistance was holding.

Platinum pushed over $423 at one point but at 1415 GMT had come back to $422.50/$423.50, up a dollar.

Dealers said there was light spread trading with gold in an otherwise quiet market.

Palladium ws unchanged at $152.50/$153.50.-Reuter