Gold bullion ended at US$253.50/254.00 per ounce on Monday compared to New York's previous close at US$253.60/90 on Friday.

The price stayed within a 40-cent range and traders said the next downside support levels would be US$252 and US$250.

``Sentiment is still bad and I don't see any immediate sign of it turning around,'' a trader said.

During the weekend about 5,000 South African gold miners and their supporters demonstrated at the British and Swiss diplomatic missions in Pretoria in protest over gold reserve sales which they said threatened jobs in the industry.

At least six mines in South Africa, the world's largest gold producer, plan to fire more than 11,000 workers.

But traders said they doubted the demonstrations would stop future gold sales by Britain and Switzerland.

``I can't believe a March or two inSouth Africa is going to make any difference,'' one trader said.

In industry news, Normandy Mining Ltd, Australia's largest gold miner, reported record gold output of 1.67 million ounces in the year ending June 1999. That compared to output of 1.43 million ounces in 1997-98.

However, the overall trend among gold producers was to cut back on output while prices remained at low levels, traders said.

South African miners and the mining industry also are trying to persuade the US Congress to block a proposal by the International Monetary Fund to sell part of its gold reserves to give debt relief to poor countries.

In Tokyo, gold futures ended lower, with the benchmark June contract finishing at a record low of 965 yen.

The yen strengthened against the dollar, which was quoted at 120.30 yen late in the Asian day compared with 120.98 in New York earlier.

Spot silver ended at US$5.06/09 an ounce after closing in New York at US$5.07/10 on Friday.

Local tael gold ended HK$2 up at HK$2,350.

Thecarry-over charge at the Chinese Gold and Silver Exchange Society was nil, up from its previous fix at -2.