Gold eases after record overnight close

February 18, 2009

Commodity Online
SINGAPORE : Gold prices fell marginally in Asian trade Wednesday after overnight close of nearly seven-month high in New York.

Spot gold was trading at $967.35 an ounce, down $1 from the notional New York close after scaling its highest since July 22 of $973.20 an ounce on Tuesday.

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Gold futures for April delivery on Comex were up $1.1 at $968.6 an ounce, after surging to a seven-month high of $974.90 on Tuesday.

Global markets were roiled by a slew of grim reports showing a slumping Japanese economy and contracting US economic activity as well as fears Eastern Europe's battered economies would drag down Western banks.

Reflecting keen interest in gold, holdings at the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, struck a record 1008.80 tones on Tuesday, up 2.3% from Friday.

Investors, expecting years of inflation and global economic instability, are pouring money into securities backed by gold bullion, helping to turn a simple safe haven into a mainstream asset class.

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