Gold turns volatile on renewed Korean tensions
Tuesday, 30 November 2010
SINGAPORE, Nov 29 (Commodity Online): Gold prices remained highly volatile in Asian trade mainly on renewed political tensions in the Korean peninsula.
Gold for immediate delivery was seen trading at $1362.04 an ounce at 1.30 pm Singapore time while Gold for February delivery dropped 0.2 per cent to $1,362.10 an ounce on the Comex in New York.
Analysts said the precious yellow metal is likely to remain highly volatile as tensions on the Korean peninsula drove the dollar to a two-month high, eroding demand for the metal.
The Dollar Index, which tracks the currency's value against six counterparts, rose as much as 0.4 per cent to 80.652, the highest since Sept 21.
Silver for immediate delivery fell 0.3 per cent to $26.64 an ounce after losing 3.2 per cent on Nov 26. The price reached $29.36 an ounce on Nov 9, the highest level since March 1980.
Gold for immediate delivery was seen trading at $1362.04 an ounce at 1.30 pm Singapore time while Gold for February delivery dropped 0.2 per cent to $1,362.10 an ounce on the Comex in New York.
Analysts said the precious yellow metal is likely to remain highly volatile as tensions on the Korean peninsula drove the dollar to a two-month high, eroding demand for the metal.
The Dollar Index, which tracks the currency's value against six counterparts, rose as much as 0.4 per cent to 80.652, the highest since Sept 21.
Silver for immediate delivery fell 0.3 per cent to $26.64 an ounce after losing 3.2 per cent on Nov 26. The price reached $29.36 an ounce on Nov 9, the highest level since March 1980.