Gold climbs in Asia as stocks plunge
Thursday, 1 July 2010
SINGAPORE, June 30 (Commodity Online): Gold prices advanced further in Asian trade Wednesday mainly on weak stocks amid rising concerns over Europe's credit crisis and weak US economy.
Gold for immediate delivery was seen trading at $ 1242.58 an ounce at 11.30 am Singapore time while US gold futures for August delivery was at $ 1243.47 an ounce.
Meanwhile, the world's largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings rose to a record 1,320.436 metric tonnes by June 29 from 1,316.177 metric tonnes on June 24.
Silver and palladium were steady, while platinum tracked industrial metals and equities lower.
The yen and the Swiss franc held on to broad gains Wednesday as nervous investors rushed to unwind leveraged carry trades on the back of a significant deterioration in risk appetite.
Japan's Nikkei average fell more than 2 per cent to a seven-month low Wednesday after investors fled the US stock market and the S&P 500 tumbled in a sell-off triggered by a wave of rising alarm over the global economic outlook.
Gold for immediate delivery was seen trading at $ 1242.58 an ounce at 11.30 am Singapore time while US gold futures for August delivery was at $ 1243.47 an ounce.
Meanwhile, the world's largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings rose to a record 1,320.436 metric tonnes by June 29 from 1,316.177 metric tonnes on June 24.
Silver and palladium were steady, while platinum tracked industrial metals and equities lower.
The yen and the Swiss franc held on to broad gains Wednesday as nervous investors rushed to unwind leveraged carry trades on the back of a significant deterioration in risk appetite.
Japan's Nikkei average fell more than 2 per cent to a seven-month low Wednesday after investors fled the US stock market and the S&P 500 tumbled in a sell-off triggered by a wave of rising alarm over the global economic outlook.