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SPOT GOLD PRICES TRADE ABOVE $US400.
PERTH, Jan 1 Asia Pulse - Spot gold prices are continuing to trade well above $US400 an ounce heading into 2004.
Continued US dollar weakness is the underlying factor, but analysts say it will need to conquer an eight-year peak to have a major impact on Australian resource companies.
The price per fine ounce rose to $US416.75 at 1630 AEDT but failed to cap a December 1996 high of $US417.90.
It closed trading yesterday at $US415.625 an ounce.
In Asian trading, the yellow metal reached a high of .45 an ounce just short of the eight-year high, and it reached $US416.375 in New York overnight.
Despite gloomy predictions of a return to below $US300 an ounce going into 2003, gold boomed in the latter part of 2003 an analysts have tipped an assault on $US500 an ounce in 2004.
Paterson Ord Minnett analyst Paul Carter attributed the gold price movement today to the United State's economy's failure to pick up.
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