Gold climbs fourth day; copper slipsBy Ciara Linnane,...

Gold climbs fourth day; copper slips
By Ciara Linnane, MarketWatch
Last Update: 10:51 AM ET Dec. 28, 2005
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NEW YORK (MarketWatch) - Gold futures rose for a fourth day Wednesday, topping the $520-an-ounce level as continued physical demand bolstered confidence in the metal.
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"Gold has corrected nicely and is now ready to begin working higher into the New Year with the recent highs around $540 a likely target faster than most people think," said Peter Grandich, editor of The Grandich Letter.

Gold for February delivery was last trading up $9.30 at $519.40 an ounce on the New York Mercantile Exchange. Other metals were also higher, with silver up 13.8 cents at $8.95 an ounce, platinum up $8.60 at $974, and palladium gaining $7 to $265.

Copper was left out of the rally, dropping 0.75 cent to $2.06 a pound.

After falling to as low as $492.30 last week, gold resumed its climb, buoyed by reports of continued strong demand from China, India and the Middle East. Most analysts remain bullish on the metal, which is up about 16% in 2005 so far.

On the supply side, copper inventories rose 348 short tons to 6,752 as of late Tuesday, according to the Nymex. Gold supplies were unchanged at 7.18 million troy ounces, while silver stocks were flat at 119.9 million troy ounces.

The rally helped push mining and metals stocks higher. The Amex Gold Bugs (HUI:
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Last: 274.09+5.55+2.07%
11:20am 12/28/2005
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HUI274.09, +5.55, +2.1%) was last up 1.9% at 273.52, the CBOE Gold Index (GOX:
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Last: 117.83+1.89+1.63%
11:20am 12/28/2005
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GOX117.83, +1.89, +1.6%) was up 1.5% at 117.68 and the Philadelphia Gold and Silver Index (XAU:
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Last: 126.36+2.00+1.61%
11:20am 12/28/2005
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XAU126.36, +2.00, +1.6%) was up 1.4% at 126.16.