Gold extends slide in Asia

February 04, 2009

Commodity Online
SINGAPORE : Gold prices continued to tumble in Asia mainly on fund selling.

Bullion was trading at $897.30 an ounce, down $3.10 from New York's notional close on Tuesday and more than 3% below last week's highs of $930.40.

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However analysts said, investment inflows could also provide strong underlying support, with holdings at the world's largest gold-backed exchange-traded fund at a record high above 800 tones.

Gold gained more than 30% since falling to a 13-month low around $680 in late October, but the rebound also ignited sales of scraps in Asia, which together with fund selling put pressure on prices.

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