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		Early COMEX gold firms after GDP disappoints dollar Friday January 30, 10:19 am ET NEW YORK, Jan 30 (Reuters) - COMEX gold rose Friday morning after news that fourth-quarter U.S. economic growth was not as strong as expected took the wind out of the dollar's sails, and allowed gold to right itself after Thursday's messy wipeout. The governments's advance report on gross domestic product for the last quarter of 2003 came in at 4.0 percent annualized growth. Financial markets had predicted a 4.8 percent expansion rate after the third quarter's breakneck 8.2 percent growth. At 10:16 a.m. EST (1516 GMT), April gold (GCJ4) was up 50 cents at $400.00 an ounce, steadying from Thursday's harrowing $16.40 drop to a 2-month low. Gold moved up from a low of $399.40 to $403.30 after the GDP report caused investors to rethink their return to the dollar on Thursday. "The euro reacted to the lower-than-expected GDP and people were looking for an opportunity to bottom-pick in the gold, so they jumped all over it," said a floor broker. "I don't know if it's going to last though." Traders are keen to see the official volume from Thursday's shakeout, after the exchange estimated that a record 200,000 contracts changed hands. That would exceed the 187,000 gold contracts turned over during a powerful short-covering rally in September 1999, and floor brokers reported having problems trying to reconcile trades from Thursday. "Yesterday was a busy day, it's roll-over and we're just trying to catch up on everything," said one, referring to final position adjustments on the first day of delivery notices against the February contract, which was most active until this week. Fund buying lifted gold to 15-year highs on Jan 6 when April futures touched $332.30 an ounce. That extended a 20 percent gain last year -- when speculators accumulated the biggest net long position ever -- and was driven by interest in safe havens as the dollar tumbled to record lows against the euro and its cheapest in more than three years versus the yen. The euro was quoted at $1.2429/32, up from the $1.2349 low overnight and Thursday's close at $1.2410/14. Gold's fall Thursday was triggered by a dollar rally after the Federal Reserve altered the language of its policy statement when it wrapped up a two-day meeting Wednesday, hinting that it was a step closer to lifting interest rates from 45-year lows if the economy expanded too fast. But despite the healthy fourth-quarter growth, speculation that the Fed would soon see the economy as overheating abated. Spot gold (XAU=) was quoted at $399.70/0.45, up from $399.10/9.85 late Thursday. London's morning fix was $401.30. COMEX March silver (0#SI:) was up 1.5 cents at $6.245 an ounce, trading a narrow $6.295 to $6.185 range, consolidating after Thursday's 40-cent plunge. Spot (XAG=) was at $6.23/25, up from the close at $6.20/22. The fix was at $6.225. NYMEX April platinum (0#PL:) was up $10.70 at $832.00 an ounce. Spot (XPT=) was at $835.00/840.00. March palladium (0#PA:) , which fell about 20 percent Thursday, was up $6.95 at $235.00 an ounce. Spot (XPD=) was indicated at $227.00/232.00. Back to Original Article: Mortgage News You Can Use   Continue with: Japan spends record US$67.5 billion in January to stem yen's rise against U.S. dollar New York NAPM: Economy Up In Jan For Fifth Straight Month New York city economy improved in January - report University of Chicago Economist Sees Warning Signs Economic Expansion Slows G7 positions on dollar ahead of Florida meeting U.S. Economy Grew at Slower-Than-Forecast 4 Percent Rate in Fourth Quarter Economy Grows at 4% Rate in Final Quarter of 2003 Economic Growth Report Pulls Down Dow 32 Treasuries Slip on Strong Chicago PMI Dollar Falls on Lower-Than-Expected GDP Fed, economists see improvement Hire expectations Dollar Firms, Buoyed by Economic Data Part One Dollar Firms, Buoyed by Economic Data Part Two Treasuries Up as Growth Falls Short Treasuries Up as Growth Falls Short part two
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