Spot gold, which gained Wednesday after European officials unveiled a plan for recapitalizing banks in the region, is likely to trade in $1,650-$1,700 a troy ounce range for the rest of the week, traders said. At 0450 GMT, spot gold was at $1,677.30/oz, up $2.80 from its level late in New York overnight.
"Trading is likely to be quiet ahead of the G-20 meeting," Ronald Leung, the director at Lee Cheong Gold Dealers Ltd., said, noting that investors are also cautious due to the fragile situation in Europe.
The meeting of finance ministers and central bankers from the Group of 20 industrial and developing nations raises hopes there will be additional support for bailout plans for Europe's debt-ridden nations, as any delay could rattle already-jittery market sentiment.
Meanwhile, any significant strengthening in the dollar could weigh on gold and silver prices, traders said.
Physical buying in gold is expected to cap downside risks for the metal. Credit Agricole analyst Robin Bhar quoted industry consultancy Thomson Reuters GFMS as saying that central banks could buy close to 500 metric tons of gold in 2011, higher than a previous estimate of 336 tons.
Barclays Capital said silver is grinding higher, with prices likely to move through a $33.50/oz range high, based on technical analysis. BarCap said that the metal could meet selling interest near $35-$36/oz.
Spot silver was at $32.43/oz, down 15 cents from its previous close.
Mitsui Global Precious Metals said sales of U.S. Mint silver eagle coins so far this year are higher than for the whole of 2010, which was a record.
Platinum was unchanged at $1,545/oz, while palladium was at $605/oz, down $4 from its previous close.
"As economic outlook and demand prospects are still grim in the short-term, buyers are adopting a wait-and-see approach before jumping in the platinum market," said Ross Norman, chief executive of Sharps Pixley.
Palladium, which was previously the best-performing precious metal, has become "the laggard of the complex this year," BarCap analyst Suki Cooper said, noting that although underlying demand for the metal has shown signs of improvement, disinvestment has weighed on prices. For the latest updates PRESS CTR + D or visit Stock Market news Today
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