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February 19, 2009 |
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Commodity Online
SINGAPORE : Gold prices eased in Asian trade Thursday taking a breather after hitting a new seven-month high in early trade, as it consolidated gains before a widely anticipated challenge to a fresh peak near $1000 on safe-haven buying.
Spot gold was trading at $977.30 an ounce at 10.00 a.m Singapore time, down 0.8% from New York's notional close on Wednesday.
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US gold futures for April delivery stood at $979 an ounce in electronic trade, up 0.1% from the previous close on the COMEX division of the New York Mercantile Exchange.
Earlier on Thursday it briefly rose as high as $985.95, it’s highest since July. It is now about 4% below the all-time high of $1030.80 marked last March, when record oil and uncertainties in the dollar's outlook spurred buying.
Technically, the yellow metal is overbought in the short term, although another record in the holdings of the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, highlighted robust interest by investors.
The holdings of the SPDR Gold Trust hit a record 1024.09 tones as of February 18, up almost 250 tones in the year to date and compared with 780 tones in the prior four years since its listing in November 2004.
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