But precious metals analysts said gold's gains were relatively small compared with the advance in energy prices, suggesting that the historical relationship between the two markets had changed.

There are more than a few metals analysts who think prices are far too high.

"The whole approach to business is changing," said Svetlana Smirnova, a metals analyst at Renaissance Capital here.

"There is already a shortage of platinum, and that shortage is not going away any time soon," said a metals analyst in London.

Bette Raptopoulos, a metals analyst with Prudential Securities, said copper was still poised to rally.

Insider trading and investors betting on a possible merger drove up the price, metals analysts in Moscow said.

"Asia is the biggest wild card out there," said Robert Schenosky, a metals analyst with Merrill Lynch.

"Information like that is going to test the gold market," said Sharon Ziemian, a precious metals analyst for Citibank.

"I can't see any reason why central bank selling won't continue," Philip Klapwijk, the senior metals analyst at Gold Fields, said yesterday in an interview.

Peter Anker, a metals analyst with the First Boston Corporation, said that the results were generally in line with expectations.