Gold edges up near $1137 in Asian trade
Wednesday, 20 January 2010
SINGAPORE, Jan 19 (Commodity Online): Gold prices edged up in Asian trade Tuesday as the dollar weakened against major currencies.
Gold for immediate delivery was seen trading at $1136.81 an ounce at 11.30 a.m Singapore time while gold futures for February delivery were at $1,137.00 an ounce at the same time.
On Monday, February delivery closed at $1,130.50 on the COMEX division of the New York Mercantile Exchange Friday while spot gold ended at $1,132.50 an ounce.
New York energy and commodity markets were closed Monday for Martin Luther King Jr Day.
Meanwhile, the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust said its holdings stood at 1,112.836 tonnes as of January 18, unchanged from the previous day.
Spot palladium hit a fresh 18-month high above $459 an ounce in early trading Tuesday, helped by the launch this month of a new US-based exchange-traded fund backed by the metal.
Spot platinum was at $1,623.50, having earlier risen to a high of $1,625.50.
Analysts expect platinum and palladium, used in catalytic converters, to rise further, but also warn of a correction on concerns over the still-ailing auto sector.
The platinum group metals rise and the dollar's dip against a basket of currencies lifted gold, but analysts said fresh impetus was needed to push bullion higher as there was little support from currency markets with the euro under pressure.
Gold for immediate delivery was seen trading at $1136.81 an ounce at 11.30 a.m Singapore time while gold futures for February delivery were at $1,137.00 an ounce at the same time.
On Monday, February delivery closed at $1,130.50 on the COMEX division of the New York Mercantile Exchange Friday while spot gold ended at $1,132.50 an ounce.
New York energy and commodity markets were closed Monday for Martin Luther King Jr Day.
Meanwhile, the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust said its holdings stood at 1,112.836 tonnes as of January 18, unchanged from the previous day.
Spot palladium hit a fresh 18-month high above $459 an ounce in early trading Tuesday, helped by the launch this month of a new US-based exchange-traded fund backed by the metal.
Spot platinum was at $1,623.50, having earlier risen to a high of $1,625.50.
Analysts expect platinum and palladium, used in catalytic converters, to rise further, but also warn of a correction on concerns over the still-ailing auto sector.
The platinum group metals rise and the dollar's dip against a basket of currencies lifted gold, but analysts said fresh impetus was needed to push bullion higher as there was little support from currency markets with the euro under pressure.