Gold edges higher on safe-haven buying

February 17, 2009

Commodity Online
SINGAPORE : Gold edged higher in early Asian trade Tuesday as investors intensified gold buying as a safe haven amid tumbling economies around the world.

Spot gold was trading at $946.70 per ounce in Asian trade, up from European levels of $942.70 on Monday. US markets were closed on Monday for the Presidents' Day holiday.

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Analysts said, record high holdings of the world's largest gold-backed exchange-traded fund, the SPDRGold Trust, as evidence of strong investor interest in the precious metal.

The trust's gold holdings are up more than 205 tones, or 26%, so far this year. More gloomy economic news from Japan on Tuesday burnished gold's allure as an investment.

Latest figures show holdings unchanged after hitting a record 985.86 tones as of February 13, up 15.29 tones or 1.6% from the previous day.

The US dollar rose to its highest in more than a month against the yen on Tuesday, led by the US currency's gains against the euro.

Gold has traditionally got a boost from strong oil prices as some investors look to the metal as an inflation hedge.

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