Gold remains under pressure in Asia
Friday, 22 January 2010
SINGAPORE, Jan 21 (Commodity Online): Gold prices remained under pressure in Asian trade Thursday as the threat of tighter Chinese monetary policy supported the dollar as a safe haven.
Spot gold was at $1,111.10 an ounce at 11.30 am Singapore time, flat from New York's notional close. It stayed above Wednesday's low of $1,107, it's lowest since January 4, as pent-up buying underpinned the downside.
US gold futures for February delivery was at $1,116.10 an ounce, up 0.3 per cent at the same time.
The allure of gold as a hedge against a weakening dollar was sapped as the euro fell to a five-month low below $1.4080 after the Chinese data, while the dollar index DXY rose to its highest in four months.
Spot gold was at $1,111.10 an ounce at 11.30 am Singapore time, flat from New York's notional close. It stayed above Wednesday's low of $1,107, it's lowest since January 4, as pent-up buying underpinned the downside.
US gold futures for February delivery was at $1,116.10 an ounce, up 0.3 per cent at the same time.
The allure of gold as a hedge against a weakening dollar was sapped as the euro fell to a five-month low below $1.4080 after the Chinese data, while the dollar index DXY rose to its highest in four months.