Gold continues to trade lower in Asia

February 03, 2009

Commodity Online
SINGAPORE : Gold prices extended their downward trend in early Asian trade Tuesday mainly on continued profit taking by investors.
Bullion was trading at $901.70 an ounce, down $1.45 from New York's notional close on Monday, when it dropped more than 2% in selling also driven by weak demand from the jewellery sector.

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However, record exchange traded fund holdings still boosted sentiment. The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said it held a record of 853.37 tones of gold as of Feb. 2, up 9.78 tones from Jan. 29.

Gold hit a near four-month high of $930.40 on Friday.

Gold futures in India, the largest gold market, could hit new highs this week on expectations of a recovery in crude oil and a weaker rupee but weak physical off-take in the domestic markets could limit the upside.

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