Gold remains near record gains despite strong dollar
Wednesday, 10 November 2010
SINGAPORE, Nov 9 (Commodity Online): Gold eased marginally but remained well above $1400 an ounce mark in Asian trade Tuesday as the greenback climbed against the euro.
Gold for immediate delivery was seen trading at $1410.31 an ounce at 2.30 pm Singapore time while US gold futures were little changed at $1,413 an ounce on the Comex division of Nymex.
Analysts said the precious yellow metal likely to remain volatile during the day as concern that some European governments may struggle to raise funds, boosting demand for the metal as a haven is offset by a strong dollar.
Meanwhile, but silver rose to a fresh 30-year peak as immediate-delivery silver advanced as much as 1.2 per cent to $28.075 an ounce, the highest price since March 1980, before trading at $28.03.
An ounce of gold bought as little as 50.2663 ounces of silver today, the smallest amount since March 2008.
Decision by Vietnam's central bank Tuesday to relax a gold import ban that may allow in reasonable volumes to stabilise the domestic market also likely to help the precious yellow metal, analysts said.
On Monday, gold soared past the $1,400 per ounce mark for the first time in a buoyant market boosted by speculative investors.
The spot price of gold rose to $1,403.88 before reaching a new all-time high of $1,407.20.
Gold for immediate delivery was seen trading at $1410.31 an ounce at 2.30 pm Singapore time while US gold futures were little changed at $1,413 an ounce on the Comex division of Nymex.
Analysts said the precious yellow metal likely to remain volatile during the day as concern that some European governments may struggle to raise funds, boosting demand for the metal as a haven is offset by a strong dollar.
Meanwhile, but silver rose to a fresh 30-year peak as immediate-delivery silver advanced as much as 1.2 per cent to $28.075 an ounce, the highest price since March 1980, before trading at $28.03.
An ounce of gold bought as little as 50.2663 ounces of silver today, the smallest amount since March 2008.
Decision by Vietnam's central bank Tuesday to relax a gold import ban that may allow in reasonable volumes to stabilise the domestic market also likely to help the precious yellow metal, analysts said.
On Monday, gold soared past the $1,400 per ounce mark for the first time in a buoyant market boosted by speculative investors.
The spot price of gold rose to $1,403.88 before reaching a new all-time high of $1,407.20.