Gold slides below $895 in Asia

February 10, 2009

Commodity Online
SINGAPORE : Gold prices fell again in early Asian trade Tuesday, continued its decline from Monday’s near two percent drop.

The bullion was trading at $894.40 an ounce at 10.00 a.m Singapore time, down $0.60 from New York's notional close on Monday.

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Holdings held by SPDR Gold Trust hit a record as recent price falls lured investors.

Holdings in SPDR Gold Trust, which issues securities backed by physical stocks of gold, hit a record 881.87 tones on Feb. 9, up 1.7% from the previous day. SPDR is the world's largest gold-backed exchange-traded fund.

A rise in the holdings suggests investors maintained their appetite for gold as an alternative investment, though disappointment that gold failed to surpass $930 an ounce last week had led to profit-taking.

The dollar was steady versus the yen and the euro as investors waited for details of US bank bailout packages to be announced later Tuesday.

Oil prices firmed in a minor rebound after falling on Monday, when a gloomy US demand outlook outweighed talk of OPEC production cuts and hopes that a US economic stimulus package would be passed by Congress this week.

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