Gold, silver fall on dollar gain

February 09, 2009

Commodity Online.
LONDON : Gold prices fell by more than one percent Monday as a stronger dollar limited profit taking amid hopes of a US stimulus plan will boost the growth.

Spot gold slipped to $902.95/904.95 an ounce in early European trade, down from $911.70 late in New York on Friday. Earlier it touched a low of $900.35.

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SPDR Gold Trust, the world's largest bullion-backed exchange traded fund, said its holdings were static on Friday after rising to a record on two successive days last week.

The dollar was a touch firmer against the euro, which is also pressuring gold, despite the recent breakdown of its usually strong inverse relationship with the U.S. currency.

The euro slipped 0.3 percent against the dollar, after strengthening more than 1 percent on Friday.

Oil also eased a touch, further weighing on gold. Crude futures slipped below $40 a barrel as demand concerns pressured prices.

Silver prices eased but outperformed gold, with spot silver slipping to $12.97/13.05 an ounce from $13.06. The white metal is benefiting from technical buying as the gold-silver price ratio declines.

Platinum eased to $982.50/992.50 an ounce from $999.50, while palladium was at $209/214 against $210.

Palladium jumped 11 percent last week on the back of fund interest in the metal, which is seen as good value compared to platinum.

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