Gold extends gains as safe haven status improves
Friday, 3 December 2010
SINGAPORE, Dec 2 (Commodity Online): Gold extended gains in Asian trade Thursday despite dollar gains as concerns regarding euro zone debt crisis heightened.
Spot gold was seen trading at $1391.42 an ounce at 1.00 pm Singapore time while gold for February delivery climbed 0.3 per cent to $1,391.90 an ounce on the Comex in New York.
Analysyts said the precious yellow metal also took advantage of growing tensions in the Korean peninsula apart from euro crisis while China's increase imports of the metal added to its appeal.
China's gold imports in the first 10 months of this year jumped to 209 tons compared with 45 tons in all of 2009, the Shanghai Gold Exchange said.
Bullion has gained 27 per cent this year, reaching a record $1,424.60 an ounce on Nov 9.
Meanwhile, gold holdings reached a record 2,104.65 tons on Oct 14. Silver holdings climbed to 14,851.49 tons from 14,780.04 tons, data shows.
Silver for immediate delivery climbed 0.2 per cent to $28.5131 an ounce after touching $28.8375 yesterday, the highest level since Nov 9, when the price reached a 30-year high.
Spot gold was seen trading at $1391.42 an ounce at 1.00 pm Singapore time while gold for February delivery climbed 0.3 per cent to $1,391.90 an ounce on the Comex in New York.
Analysyts said the precious yellow metal also took advantage of growing tensions in the Korean peninsula apart from euro crisis while China's increase imports of the metal added to its appeal.
China's gold imports in the first 10 months of this year jumped to 209 tons compared with 45 tons in all of 2009, the Shanghai Gold Exchange said.
Bullion has gained 27 per cent this year, reaching a record $1,424.60 an ounce on Nov 9.
Meanwhile, gold holdings reached a record 2,104.65 tons on Oct 14. Silver holdings climbed to 14,851.49 tons from 14,780.04 tons, data shows.
Silver for immediate delivery climbed 0.2 per cent to $28.5131 an ounce after touching $28.8375 yesterday, the highest level since Nov 9, when the price reached a 30-year high.