Gold edges above $900 in European trade

February 04, 2009

Commodity Online
LONDON : Gold prices rose above $900 in early European trade Wednesday on expectations of positive key rates announcements from European central banks and a key jobs data from the US.

Bullion was quoted at $901.80/903.80 an ounce during early trade here as against $900.40 an ounce late in New York on Tuesday.

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Traders are now looking ahead to key U.S. jobs data, non-farm payrolls numbers on Friday, and interest rate decisions from the ECB and the Bank of England on Thursday.

The usual key external drivers of gold, the dollar and oil, gave little direction to prices. The dollar firmed a touch as optimism sparked by better than expected U.S. housing data on Thursday evaporated.

However, gold's failure to break above $930 an ounce last week has dampened some enthusiasm, traders said
The world's largest gold-backed ETF, the SPDR Gold Trust GLD said its holdings held at a record 853.37 tonnes on Tuesday, up more than 9 percent from Jan 2

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