Gold eases from record high on profit-taking
Friday, 1 October 2010
SINGAPORE, Sept 30 (Commodity Online): Gold prices eased in Asian trade Thursday, after touching an all time high of $1313.45, mainly on profit taking by investors from record prices.
Gold for immediate delivery was seen trading at $1308.19 an ounce at 12.30 p.m Singapore time while US gold futures for December delivery was at $1309.54 an ounce.
Analysts however said the precious yellow metal is likely to finish higher for the month and quarter as the dollar remained weaker while the US Fed is expected to ease monetary policy further.
US Fed has left its benchmark interest-rate target at a record low and pledged to take more steps to spur growth if necessary.
Gold has gained as much as 19.8 per cent this year, heading for its 10th consecutive annual gain.
Meanwhile, cash silver dropped 0.4 per cent to $21.8209 an ounce after gaining to $22 yesterday, the highest price since 1980
Silver, normally tracks gold, but an increase in ETF holdings to record levels as well as purchases from physical buyers showed there was a pick up in interest in the white metal.
The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings rose to a record high of 9,786.47 tones by Sept 29 from 9,756.04 tones on Sept 28.
Gold extended its record-breaking rally Wednesday, rising above $1,310 an ounce while silver hit a 30-year peak, as the dollar hit a five-month low against the euro on growing expectations of more US monetary easing.
Gold's strength also lifted other precious metals, with palladium hitting its highest level since March 2008 and platinum a four-month high.
Gold for immediate delivery was seen trading at $1308.19 an ounce at 12.30 p.m Singapore time while US gold futures for December delivery was at $1309.54 an ounce.
Analysts however said the precious yellow metal is likely to finish higher for the month and quarter as the dollar remained weaker while the US Fed is expected to ease monetary policy further.
US Fed has left its benchmark interest-rate target at a record low and pledged to take more steps to spur growth if necessary.
Gold has gained as much as 19.8 per cent this year, heading for its 10th consecutive annual gain.
Meanwhile, cash silver dropped 0.4 per cent to $21.8209 an ounce after gaining to $22 yesterday, the highest price since 1980
Silver, normally tracks gold, but an increase in ETF holdings to record levels as well as purchases from physical buyers showed there was a pick up in interest in the white metal.
The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings rose to a record high of 9,786.47 tones by Sept 29 from 9,756.04 tones on Sept 28.
Gold extended its record-breaking rally Wednesday, rising above $1,310 an ounce while silver hit a 30-year peak, as the dollar hit a five-month low against the euro on growing expectations of more US monetary easing.
Gold's strength also lifted other precious metals, with palladium hitting its highest level since March 2008 and platinum a four-month high.