Gold falls below $909 an ounce

February 02, 2009

Commodity Online
SINGAPORE : Gold prices continued to fell in afternoon Asian trade Monday led by selling from speculators in China and bankers in Australia.

Gold was trading at $908.45 an ounce at 2.00 p.m Singapore time, down $18.55 from New York's notional close.

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Bullion rallied more than 2 percent to hit a high of $930.40 on Friday, its strongest since October 10, when it hit $931, its highest in more than two months.

Gold rose 5.6 percent in January, its third consecutive monthly rise, partly driven by flight-to-quality buying after funds poured more money into bullion as an investment instead of other asset classes such as stocks and treasuries.

Platinum was trading at $965.00 an ounce, down $20.50 from New York's notional close.

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