NY Gold Futures Turn Up on Physical Buying

Source: Reuters  (10/9/07)

"We have seen some physical buying at the North American open," said Andy Montano, a director of bullion dealer ScotiaMocatta in Toronto.

U.S. gold futures reversed initial losses to rise early on Tuesday on physical buying and bargain-hunting, as bullion investors continued to closely follow the currency markets ahead of the release of the Federal Reserve meeting minutes.

"We have seen some physical buying at the North American open," said Andy Montano, a director of bullion dealer ScotiaMocatta in Toronto.

"In the face of the euro, which was weaker than it was yesterday and continued to range-bound today, I think gold's doing fairly nicely," he said.

At 10:16 a.m. EDT (1416 GMT), most-active December gold (GCZ7: Quote, Profile, Research) on the COMEX division of the New York Mercantile Exchange was up $2.70 at $741.40 an ounce, trading from $732.20 to $743.70.

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