RAJSHAHI, Nov 30: At least 1,500 small traders, whose shops and business establishments were demolished by a joint drive of Rajshahi City Corporation (RCC), Bangladesh Railway (BR), Roads and Highways (R&H), and Water Development Board (WDB) for being built illegally on government land, are now leading their days in utter misery. The families of those unfortunate traders are uncertain whether they would be able to enjoy the coming Eid festival. It has come to be known that, during the eviction drive that started last month, more than one thousand hotels, restaurants, shops and other business establishments have been demolished. Small traders of Railgate, Binodpur, Talaimari, Panchabati, Saheb Bazar, Rajshahi Court, Court Station, Tikapara, and Medical Emergency Gate have suffered the most in the city. Some victims of the eviction complained that, in most cases, no prior notice was served to the shop-owners before demolition. They further complained hundreds of shops, from where the authorities of RCC regularly realised tolls, have been demolished without prior notice. As a result, many traders failed to move the goods from their shops in due time. Losing the only means of livelihood, the evicted traders are facing an acute financial crisis. Some of them are selling their household appliances for meeting their daily family needs. It has come to be known that at least 10,000 people, depending on those shops and business establishments, have become jobless, as a result of the eviction. In addition, more than one thousand people, who had been living at the embankment sites of the river Padma, have also become homeless, as their houses were demolished by the authorities. Most of such evicted, homeless people have taken shelter at the Char area for staying and others have taken shelter at their relatives' houses. As the eviction drive continues, hundreds of small traders of Masterpara, Saheb Bazar, Kantakhali, Raninagar, Barandra Museum, Dargapara, and Methorpara in the city are passing their days in panic of being evicted at any time. It is also learnt, the traders of those areas are realising tolls from among themselves and paying to the concerned authorities to stop eviction drive, at least, until the nearing Eid. According to sources, Mayor of Rajshahi City Corporation Mijanur Rahman Minu, President of Rajshahi Chamber of Commerce and Industry (RCCI) Omar Faruk Chowdhury, and Convener of Rajshahi Sahar Raksha Sangram Parishad Jamat Khan, in their separate statements, demanded to stop all demolition and eviction drive till the holy Eid festival.

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The World Bank (WB) has said the state-run commercial banks must immediately undertake measures to overcome their capital shortfalls saying it could be a "potential source" of risk for the country's banking system, reports BSS. "A large capital shortfall is a potential source of risk for any banking system and represents a major contingent liability for the Government," said a recently published WB report on Bangladesh: Review of Public Enterprise Performance and Strategy. The report also warned that because of other possible bad investments and liabilities, the total capital shortfall of the Nationalised Commercial Banks (NCBs) was likely to be larger than the shortfall due to classified loans. The capital inadequacy of the NCBs, adjusted for shortfalls in loss provisioning for non-performing loans, has been deteriorating since mid 1990s and now stands at Taka 55 billion. The WB experts said decisive actions on the banking reform agenda, in terms of deeper policy, institutional and legal improvements are urgently needed to address the "unsatisfactory quality" of lending, recovery of loans and contain the Public-sector Financial Institution's (PFI) losses in the country. The WB also suggested that a simultaneous effort must underway to prepare grounds for privatising the financial institutions by converting them into public limited companies and carrying out multi year restructuring backed by capital restructuring, manpower and bank branch rationalisation and application of best management and commercial practices. The report noted that the capital position reported to Bangladesh Bank by the NCBs reflected only partial loan loss provision, with much of the loss provision not actually charged to their income as reported in their income statements. Consequently, the report said, the NCB reported capital shortfall "has been systematically understated for many years". Citing an example, the report pointed out that in 1996 the capital shortfall reported by NCBs was just taka 5.6 billion. But had the short provisioning of loss been taken into account the adjusted capital shortfall on account of classified loan would have been Taka 24 billion. The NCBs report to Bangladesh Bank, based on "incomplete accounting", showed a positive capital balance of Taka 14.9 billion and a capital shortfall to taka 12,7 billion as of June 2002. The report further said the actual capital and its shortfall are understated because accumulated shortfall in loan loss provisioning for NCBs had risen to a level of Taka 43 billion by June 2002. The report said the significant and rising capital shortfall of the PFIs is major source of contingent liability for the exchequer. "Linked to the fact that boh PFIs and loss making State owned enterprises are owned by the government, the relationship between the two has been complicated by government's interventions in facilitating accesses to credit by SOEs through directed credit and loan guarantee," the report said. The WB pointed out that this process of accessing to credit and loan guarantee contributed partly to the poor performance of the PFIs. The reform of PFIs and SOE will there need to be pursued simultaneously.

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TOKYO, Nov 30 (AFP): Aggregate pre-tax profits at Japanese listed companies are expected to jump 71 per cent for the fiscal year ending March 2003, a newspaper survey said today. "Although sales at these firms are expected to grow only marginally, such restructuring measures as job cuts as well as strong demand in the United States (US) and other foreign countries will push up their profits," the Nihon Keizai Shimbun said. "With the Japanese economy coming under mounting deflationary pressure, the projected earnings recovery is not expected to help increase employment opportunities for those currently out of work," it said. Manufacturers will lead the projected earnings recovery, with their aggregate pre-tax profits expected to nearly double, it said. "Automakers will likely perform especially well, and are seen accounting for 20 per cent of the total profit in all industries," the survey said. Aggregate pre-tax profits at non-manufacturers are projected to climb 38 per cent, it said. The listed companies are forecasting the sharp earnings recovery although their aggregate sales, weighed down by the deflationary pressure, are projected to grow a mere 0.4 per cent, the survey said. "This drives home the point that the recovery comes mainly from restructuring efforts," it said. Electrical machinery makers, for instance, will likely record a combined 1.7 trillion yen (13.9 billion dollar) profit this fiscal year, a sharp turnaround from aggregate losses in fiscal 2001, the Nihon Keizai said. "Major electrical machinery makers each cut about 10,000 to 20,000 jobs and consolidated plants in fiscal 2001," it said. The projected earnings recovery is largely dependent on strong exports, so the forecast, underpinned by such uncertain factors as the US economic outlook, may change drastically in the second half, the Nihon Keizai added. The survey covered 1,627 listed, non-financial companies that by Friday had released their earnings results for the six months ended September 30. The 1,627 firms represent 99 per cent of businesses that close their books on March 31.

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KHULNA, Nov 30 (BSS): Harvesting of 'Ropa Aman' in the district already in progress, official sources said here. Planted Aman was cultivated in 1,09,400 hectares in the district with production target of 2,17, 965 tonnes. Of which, high yielding variety was cultivated in 56,700 hectares with production target of 1,38,915 tonnes and local variety in 52,700 hectares with 79,050 tonnes. Heavy rainfall in August caused some damages to the production but the target was achieved here. Price of rice will fall after one month as the newly harvested rice to be available in the markets, traders said. Rice is being sold at Taka 13 to 18.50 per kg in local markets. The OMS of rice has kept price stable, the sources added.

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The 62nd meeting of the Board of Directors of Al Baraka Bank Bangladesh Limited was held at the bank's head office in the city last Wednesday. Chairman of the bank Masum A Chowdhury presided over the meeting, attended by Vice Chairman Abdul Matin Khan, STC Chairman Dr F M Rafiqul Islam, Directors S S Nasim Afaz Chowdhury, Morshed Ahmed Khan, Dr Shah Ahmed Iqbal, Shakila Akhter Lovely, Brig (Retd) Md Zakir Hossain, and Shahedul Islam, Executive President C M Koyes Sami, Additional Executive President Syed Nurul Amin, Deputy Executive President Md Imamul Hoque and Secretary to the board Alamgir Kabir Samad of Al Baraka Bank and Bangladesh Bank General Manager Harunur Rashid Chowdhury, said a press release Saturday. The meeting discussed various matters, including the overall performance and future plans of the bank, and took some important decisions.

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Saatchi & Saatchi Regional Planning Director (RPD) Neel K Chaurasia arrived in the city Saturday on a three- day visit to Protishabda Communications, the Saatchi & Saatchi affiliate in Bangladesh. He will conduct a training session on "how to transform consumer insight into winning advertising" during his visit and will meet some senior officials of select multinational and local clients of Protishabda, said a press release.

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Windmill, an event management company, is going to hold a 'Mehndi Utsab' from next Tuesday, sponsored by Mumtaz Herbal Products. Mumtaz Mehndi Utsab, the first ever commercial expo of Mehndi, will be kicked off December 3, and will continue till the midnight before Eid, says a press release. Mehndi is the traditional art of adorning the hands and feet with a paste made from the finely ground leaves of the henna plant. The term refers to the powder and paste, and the design on the skin, as well as the party or ceremony. In Bangladesh, Henna or Mehndi has been treated as a household festival instrument, much of which can be seen during wedding or festive sessions. In recent popular culture, Mehndi has enjoyed a renewal as a temporary, pain-free body decoration, alternative to tattooing. The organisers are confident about the turn out due to its timing and pricing. 20 experts from Mumtaz Mehndi and Fine Arts students will await to paint on the hands of the interested female guests at the festival from 10am onwards everyday, the release said. On the opening day, Editor of the Daily Prothom Alo Motiur Rahman and artist Professor Rafiq-un Nabi will be present, among others. The Mehndi sessions will inaugurate with painting the palms of actress Shami Kaiser and singer Sumana Huq as the first guests of honour. The Utsab will be held at Gallery Chitrak, Road 4, House 21, Dhanmondi. The contact phone number is 018 244163.

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Nasir A Chowdhury, managing director of Green Delta Insurance Co Ltd, has been awarded with the Best Insuranceman Award, given by fortnightly The Industry and Southeast Bank Limited at a city hotel recently. Minister for Law, Justice and Parliamentary Affairs Barrister Moudud Ahmed handed over the trophy as the chief guest of the ceremony, said a press release Saturday. Telecom Regulatory Commission Chairman Syed Marghub Murshed and Southeast Bank Chairman Ragib Ali were present as the special guests.

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SHARIATPUR, Nov 30 (BSS): Shariatpur, Madaripur, Gopalganj, Rajbari, and Faridpur districts are famous for date molasses or "patali" from time immemorial. Molasses or patali is made from juice extracted from date trees during the winter season from November to February. The extractor is locally called gachi who brings the grown up date trees under process for extracting juice in late November or early December. But this year hundreds of date trees are lying unprocessed. It is learnt from the owners of the date trees that extractors or gachis are hardly available, if available, they are very much reluctant to do their juice extraction job. When contacted several gachis namely Abul Arshad, Chabdu Mia and Kalam Mia told the news agency that this seasonal job that was once profitable is now a loosing concern. They also added that unruly and terrorist boys of the locality forcibly take away the juice 'pot' every now and then at night. So, they do not dare to take the risk of processing date trees. They also alleged that they have no much cash as required to invest initially for purchasing necessary instruments such as billhooks and other things needed to process the trees. On the other hand, they as day labourers are earning Taka 70 to Taka 80 a day, they said. The owners of the date trees are of the opinion that the concerned authority should come forward to sanction small loan for the gachis to encourage them to stick to the profession to continue normal market price of molasses. At present new date molasses or patali is being sold at Taka 30 to Taka 35 a kg in different markets of the town. It is expected that the price of the molasses of patali will come down if most of the date trees are brought under process, they said.

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Commerce minister Ameer Khasru Mahmud Chowdhury left the city Saturday for Geneva to attend the 13th executive session of UNCTAD, reports BSS. The conference will begin on December 02. The minister will address the inaugural session as well as the plenary on poverty eleviation. He will also meet the Director General of World Trade Organisation (WTO) Dr Supachai Panitchpakdi. The minister is expected to return home on December 05.

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MARKET ANALYSIS: The interbank foreign exchange market was moderately active Saturday due to weekend in the international market. The exchange rate of the US dollar against Bangladesh taka, however, remained steady and it fluctuated above the central bank's buying and selling band. The dollar was also steady in the local informal market and it moved far above the interbank rates, fund managers said. The Bangladesh Bank's buying and selling rates of the dollar ranged between Tk 57.40 and Tk 58.40. The supply position of the greenback improved with inflow of remittance. In the informal market, the dollar was traded mainly between Tk 59.80 and Tk 60.60 maintaing Thursday's range, money brokers said. The exchange rate of the Indian rupee against the taka ranged between Tk 1.25 and Tk 1.30, they added. In the formal interbank market, the exchange rate of the greenback against the taka varied between Tk 58.95 and Tk 59.15 coinciding with the Thursday's range. The dollar in public deals was traded between Tk 57.49 and Tk 58.70. The nationalised banks, however, offered their buying rate of the dollar at Tk 57.80, above the lower edge of Bangladesh Bank's band, dealers said. In the regional market, the exchange rate of the dollar against the Indian rupee mainly varied between Rs 48.25 and Rs 48.26 and against the Pakistani rupee between Rs 58.38 and Rs 58.40. Besides, the exchange rate of the dollar against the Malaysian ringgit varied between 3.7995 ringgit and 3.8005 ringgit and against Thai baht between 43.38 baht and 43.41 baht. In the international market, the exchange rate of the dollar against the Japanese yen mainly varied Friday between 122.45 yen and 122.48 yen and the rate of the euro against the greenback moved between 0.9950 dollar and 0.9955 dollar. As on November 30, 2002, the London Interbank Offered Rates (LIBOR) against the US dollar were 1.43875 per cent for one month, 1.42500 per cent for three months, 1.46875 per cent for six months.

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The interbank call money rate eased slightly Saturday as the liquidity improved. The market experienced a comfortable liquidity with the inflow of fresh cash due to maturity of treasury bills. The lower edge of the call rate coincided with the bank rate of 6.00 per cent, money dealers said. The government borrowed Tk 5.561 billion ( 556.10 crore) Sunday through treasury bills. In contrast, Tk 5.77 billion was injected into the market due to maturity of some of the bills. It caused a net inflow of Tk 209 million into the market. The pressure on liquidity eased due to net injection of fresh cash, they said. The call rate varied between 5.00 per cent and 7.00 per cent against the Thursday's range between 5.00 per cent and 7.00 per cent. The rate, however, varied between 5.50 per cent and 6.50 per cent in major deals.

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Seven-member delegation of Bangladesh Computer Samity (BCS) is heading towards Thailand to participate in the 20th general assembly and symposium of the AsiaOceanian Computing Industry Organisation (ASOCIO) scheduled to be held at Chiang Mai in Thailand from November 27-30, said a press release. BCS President Md Sabur Khan, Secretary General Ajeez Rahman and Ali Ashfak, SM lqbal, Shaikh Abu Reza, Abdullah H Kafi and Swadesh Ranjan Saha of the samity are participating in the programme, the release added. The Thai Prime Minister will inaugurate the programme. IT Ministers of ASOCIO member countries are invited to deliver speeches to highlight their visions and their countries' IT policies, it mentioned. BCS delegation will make a courtesy visit to the Thai Prime Minister and will also meet other IT ministers during their stay in Thailand, the release further said.

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In a nagging dilemma over pipeline sale of gas to India, both sides opposing and proposing the export are harping on a common point, "energy security", report UNB. The wavering, however, appears to be in its final stages as a section of government and business leaders and elite of late said a decision should come forthwith - and that in favour of export to generate requisite investments. In the contentions, one side had said that the country could go for pipeline export under a policy to attract more foreign investment in power and energy sectors. It, they claimed, will ensure discovery of new gas fields that will meet the demand in future. But the group opposing the idea said the country doesn't have enough gas in its bowls. If exported, they apprehend, country's energy security will seriously be affected. "Any export will destroy our energy security and the earnings from export will only meet up the dues of the International Oil Companies (IOCs). The idea to launch a poverty alleviation fund from the earning is a bluff," said professor Nurul Islam, director of Appropriate Technology Institute at BUET. The energy expert who was a member of the country's energy policy formulating committee said the national gas committees said that the present reserves of 15 TCF would meet the demand up to 2015-2017. "When India is trying hard to procure gas under a specific plan for 50 years, some here are showing a lame logic that Bangladesh does not need to keep the reserves for 50 years," he said. Professor Mohammad Tamim of Petroleum Engineering and Mineral Resources Department of BUET also said the present reserves would last only 15-17 years and for future energy security "we need more exploration." "But the government doesn't have the ability to release the money for new exploration. Petrobangla and BAPEX have the technical ability, but they don't have enough financial support," he said. This is the reason, he said, Bangladesh must go for limited pipeline export under a long-term policy to attract foreign investment in the sector for the sake of future energy security. Professor Tamim, however, had a note of caution that if the government following any proposal from outside took a decision without any preparation, it might bring new disaster in the sector. Economists opposing the export idea, however, said the pipeline export would bring benefit to the IOCs and India, ultimately compelling the country to import gas at higher prices in future. Professor MM Akash of Economics Department of Dhaka University said the donors had stopped funding the energy sector and suggested inviting the IOCs. Now the government is facing trouble in paying the dues of the IOCs and the donors are saying new market will solve the crisis. "By taking a decision of pipeline export we shouldn't commit another mistake as we did signing PSCs," he said, adding that the national committee said dues of the IOCs could be cleared from an average of only two percent of the earnings from gas exports. "So why will we go for export," asked the left-leaning economist. FBCCI President Yussuf Abdullah Harun said so far both the groups favouring or opposing export had spoken emotionally as they didn't have a real picture of the situation. "Now we have the picture following the gas committees' reports." He averted a direct observation as to whether Bangladesh should export gas, but said: If we think of keeping gas for 25-30 or 50 years for future generations, the process will continue for endless periods; we'll not be able to utilise gas. "If we can develop infrastructure, create employment and increase skills, it will be a great resource for the future generation, not gas under the soil," the business leader said. He added: "Prices of gas vary and now we have a market in India and there is a scope for getting a good price." He said the government should take a decision in this regard by holding talks with all concerned quarters--there should not be anymore dilemmas over the question. MCCI President Tapan Chowdhury said if "we have enough gas and we'll not suffer from gas crisis in future in case of export, we should do it. Keeping the gas beneath the soil has no meaning." He thinks the earnings from gas export would help the country create new resources. "Since we are not technically and financially able to develop the energy sector, I'm in favour of foreign investment in this sector. For this, if we need to export gas, the government should consider it." He pointed out that India is now trying to import gas from Qatar, Iran, Turkmenistan and other countries. He said political parties consider the issue as very sensitive and that's why successive governments are taking time in taking a decision, which is "very unfortunate". Noted journalist and former Energy Minister Enayetullah Khan said huge investment is needed for development of the energy sector, but Petrobangla is not able, both financially and technically. "So, the decision to invite the IOCs was right." He said among those opposing the export idea, leftists think that the IOCs are weapons of imperialism, some are opposed to export as it's to India and some are resource nationalists. "In the present world these kinds of thoughts are obsolete." Khan made a strong plea that the government should take the export decision immediately to attract foreign investment. Professor Nazmul Ahsan Kalimullah of Dhaka University said those who are opposing pipeline export are doing it from one viewpoint. "This is an expression of feudal thoughts." Dr Kalimullah said those who are opposing export don't want to take the risk of getting something new. "The government should export gas considering financial benefit and it should be to our neighbour, India."

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SEOUL: North Korea has ordered its citizens to exchange any dollars they hold for euros - a move believed by some to be aimed at flushing out secret hoards of the United States (US) currency. A European diplomat in Seoul said "sackfuls" of euros were being flown to North Korea in readiness for the switch, which must be made by Sunday. Foreign embassies in Pyongyang were rushing to swap dollars for euros before the deadline but diplomats were disgruntled by the exchange rate offered by North Korean authorities. The withdrawal of dollars could also be intended as a snub to the US in response to Washington's decision this month to halt fuel aid to North Korea. North Korea is engaged in a bitter dispute with the US about the nuclear weapons programme it has itself admitted to conducting. Another explanation could be that North Korea is attempting to diversify its meagre foreign currency reserves following this year's weakening of the dollar. However, South Korea's central bank said the measure was most likely designed to flush out hundreds of millions of dollars secretly hoarded by North Koreans. Dollars are smuggled in by Chinese traders and used widely in the country's illicit black market. Park Suhk-sam, a North Korea expert at Seoul's Bank of Korea, said that Pyongyang hoped to ease the state's economic crisis by forcing people to deposit privately held dollars in cash-strapped public banks. Park estimated that North Koreans are holding about 960 million US dollars of foreign currency, about 70 per cent of it in dollars. "North Korea wants to take advantage of these dollars by bringing them into the state financial system, where it will be held in euros," he said. The currency switch is the latest in a string of economic reforms introduced in North Korea this year. In July prices and wages were lifted to market values in an attempt to breathe new life into the official economy and stamp out the black market. North Korea's rigid command economy has been in crisis since the collapse of trade with the Soviet Union a decade ago. Aid workers have forecast that food and electricity shortages could cause a humanitarian disaster this winter. The US - backed by Seoul and Tokyo - halted fuel shipments to North Korea after it admitted last month it was developing nuclear weapons in violation of non-proliferation treaties.

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LONDON, Nov 30 (AFP): Oil prices gushed higher this week as Iraqi war fears stalked the market and the onset of cold weather in the United States (US) started to bite into levels of US oil stocks. Prior to the recovery of the past two weeks oil prices had been trawling around their lowest level in eight months here on concerns that supplies were outstripping demand. Trading in oil and other commodities was however muted towards the end of the week, especially in New York where markets enjoyed a truncated week owing to the US Thanksgiving holiday Thursday. In New York, January-dated light sweet crude futures traded at 26.89 dollars, up from 26.36 dollars a week earlier. The US market had a truncated week owing to Thanksgiving, shutting Thursday and Friday. Prices were also buoyed by figures from the US energy department pointing to a fall in US crude oil stock levels of 3.9 million barrels, or 1.4 Pper cent, to 284.2 million last week. Gasoline stocks rose by 3.9 million barrels to 197.4 million, while distillate fuel stocks declined 2.9 million barrels to 120.0 million, a reflection of colder weather in the US, analysts said. Traders said that expectations that the OPEC oil cartel would improve export quota compliance were also supporting the market. But an OPEC source in Vienna said that the Organisation of Petroleum Exporting Countries was not likely to make a decision before its next ministerial meeting in Vienna on December 12. RUBBER: Tyred. Rubber prices edged higher in a market struggling to gain momentum, traders said. In Kuala Lumpur, the RSS index fell to 3.175 ringgit per kilo from 3.120 the previous week. COCOA: Stirred. Cocoa prices ended the week higher in London owing to unrest in the Ivory Coast but the New York market missed the party with trade muted owing to a shortened week because of the Thanksgiving holiday. Fighting broke out in several towns in western Ivory Coast Thursday, shattering a six-week old truce between rebels and The army in the west African country. Ivory Coast is the world's biggest cocoa producer, and the uprising sent cocoa prices soaring just weeks ago amid fears of disruption to supplies. COFFEE: Mixed. Coffee prices rose in London, but fell back in New York, although analysts are expecting New York prices to recover in coming days. "Basically, the tone of the market is bullish, based on threefold concerns for 2003/4 new crop," said Refco analyst Ann Prendergast. SUGAR: Slips. Sugar prices dipped, following a period of high volatility, as trading volumes declines owing to Thanksgiving. "Basically it's been very quiet this week following a previous volatile period over the past couple of weeks, with the funds reducing their positions and as the market was not sure about what the next direction would be," said Czarnikow analyst John Kovaks. The sugar market is in the midst of a choppy period of trading, having swung from one-year highs to seven- week lows in recent weeks. SOYA: Growing. Soya prices rose, helped by purchases by US investment funds, according to US-based AG Edwards analyst Victor Lespinasse. On the Chicago Board of Trade (CBoT), a bushel of soya for January delivery rose to 577.25 cents from 569.50 the previous week. Soyabean meal -- used in animal feed -- for December delivery climbed to 167.10 dollars per tonne from 166.90 the previous week. GRAINS: Mixed. US wheat prices edged higher as the market staged a technical recovery following steep falls the previous week, while maize prices slipped. Wheat profited from the activiity of investment funds whichwere looking to square off their positions, according to AG Edwards analyst Victor Lespinasse. A bushel of maize in Chicago for December delivery fell to 240.75 cents from 246.5 the previous week. COTTON: Budding. Cotton prices edged higher in a market where turnover was subdued owing to Thanksgiving, although analysts said they expected prices to edge lower in the near term. Prendergast believes that while global consumption is respectable at present, "there is just too much cotton in the world to support higher prices". The Cotton Outlook Index of physical cotton, the average of the world's lowest prices, rose to 53.55 cents a pound from 52.50 cents the previous week. WOOL: Jumper. Australian wool prices rose again as buyers continued to enter the market ahead of the Christmas period. Australian wool prices have risen by 60 Pper cent in the past year following a drought in sheep-rearing regions of the world's major producer. Australian production is expected to fall to around 495 million kilos in the year to next June, which would be its lowest level in 50 years.

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LONDON, Nov 30 (AFP): Gold and silver prices were little changed in a market devoid of a clear direction. But base metals rose as recent tentative signs of improvement in the US economy and climbing global stock prices underpinned sentiment. GOLD: Steady. Gold prices were caught in a tug-of-war between signs of an economic recovery which should give a fillip to demand and reduced safe-haven flows because of rising stock markets, analysts said. Gold prices were fixed at 319.05 dollars per ounce on the London Bullion Market Friday afternoon against 317.70 dollars the previous week. SILVER: Dull. Silver prices inched lower, depressed by a lacklustre performance by gold and failing to benefit from firmer base metals prices, analysts said. Silver was fixed on the London Bullion Market at 4.43 dollars an ounce Friday afternoon against 4.46 the previous week. "Silver has followed a similar pattern but slightly more bearish although I'm a little bit bemused as to why silver is more negative considering the rallies in the base metals," said Eagles. Silver is usually influenced by the direction of base metals because of its uses as an industrial metal. PLATINUM AND PALLADIUM: Flat. Platinum prices were stable despite some positive harbingers for demand while palladium prices continued their recent depressing run. A fuel cell is a new form of battery which generates electricity with no environmentally harmful emissions, he said. Palladium prices traded for 262 dollars per ounce from 275 dollars a week earlier. BASE METALS: Bought. Some base metals prices marched higher this week, with copper in the vanguard, thanks to a volley of better-than-expected US data which boded well for demand for the building blocks of economic growth, experts said. Three-month zinc prices rose to 823 dollars per tonne from 795 dollars, nickel fell 30 dollars per tonne to 7,400, lead rose 12 dollars per tonne to 470 and tin firmed 60 dollars per tonne to 4,370.

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