Gold hovers below five-week highs in Europe

REUTER

LONDON, April 5 (Reuters) - Gold traded just below a five-week high on Thursday, with a weaker dollar overriding easing tensions in the Middle East after Iran released British sailors and marines.
    Spot gold  hit a high of $675.40 an ounce before easing to $673.40/674.40 by 1409 GMT, versus $673.80/674.30 late in New York on Wednesday, when it jumped to its highest since March 1 at $675.80 on a weak dollar.
    Michael Lewis, global head of commodities research at Deutsche Bank, said gold would be supported by a weaker dollar outlook, expectations of low real interest rates in the United States and underlying demand for gold jewellery.
    "We have a long-term bullish view on the commodity."
    The dollar fell to a two-year low against the euro ahead of the long holiday weekend and the March U.S. employment report due on Friday.
    "The return of fund interest to the market has finally allowed gold to clear the $668-$670 resistance area and should now look to propel the metal back towards the highs of February and potentially beyond," TheBullionDesk.com said.
    The release of the Britons in Iran might reduce safe-haven buying of gold, but the market should now find sufficient momentum of its own as speculative players appeared more confident of increasing their risk exposure, it said in a report.
    The 15 British military personnel freed by Iran after a two-week diplomatic stand-off arrived back in England on Thursday.
    "Gold seemed to ignore Iran when it was bad and ignores Iran when it's better," said Jon Bergtheil, global metals strategist at J.P. Morgan.
    "We prefer to be in gold right now than base metals. We are positive and see gold at $725 by the beginning of the next year," he said, adding a report by GMFS had also helped.
    Precious metals consultant GFMS Ltd said on Wednesday that gold prices would set a record high this year in terms of their annual average and may scale new absolute peaks on a weaker dollar outlook, a slowdown in the U.S. economy and geopolitical tensions.
    "If you throw the possibility of continued dollar weakness into the melting pot, then the argument for further gains becomes more convincing," Investec Australia said in report.
    In other precious metals, platinum rose to a five-week high of $1,250/1,254 an ounce, against $1,245/1,250 in New York. Silver rose to $13.66/13.69 an ounce from $13.60/13.63, while palladium gained $3 to $351/356.

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