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London Precious Metals Quiet

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Bullion fixed at $380.90 an ounce, barely changed from Tuesday afternoons $380.85 fixing and the London close of $380.90/$381.40.

Its dead this morning. Gold is right in the middle of support at $380 and resistance at $382, a dealer said. Bids were quoted so far between $381.30 and $380.90.

The only positive sign is that gold is still above $380, which is an important psychological level, an analyst added.

Silver was even more somnolent than gold, dealers said. It was indicated one cent lower at $4.88/$4.90.

Support was seen at $4.85, with resistance capping the market in recent days at around $4.92. It doesnt seem that silver or the other metals are trading at all so far. Lets see what happens later, a dealer said.

Platinum was indicated little changed at $383.75/$384.75, down $0.25, with little obvious scope to move out of the recent $383-$386 range, dealer said. The platinum market is thin and lacklustre, a European analyst said.

Nobody wants to go long on platinum with the situation of Russian stocks still unclear and physical demand is nothing special, the analyst added.

Technically, however, platinum was due for an upside correction with $390 as the target, analysts said.

Palladium was unchanged at $117.75/$118.75 and seen vulnerable to downside pressure after drifting below the key $120 support area again earlier this week.

Significant support was not seen until $115 and then $112.

The gold market would be watching for September US Producer Price Index data on Friday, analysts said.

But dealers said it was unlikely to affect prices unless the figures were significantly different from forecasts. Sentiment was still mostly bearish after prices slid to 18-month lows last week within a month-old downtrend.

In the medium term, if there is a big price move, its going to be lower, with $375 as the first target, one said.

In the near term, however, prices may edge higher on bursts of short covering, dealers said.

Japanese markets were due to be closed on Thursday for Health-Sports Day.