Gold eases in early European trade

February 19, 2009

Commodity Online
LONDON : Gold prices took a break from going upwards and fell in early European trade Thursday as investors took profits from rallies earlier.

Apart from profit taking, recovery of other assets such as equities and the euro in early trade also pushed the precious metal down.

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Spot gold eased to $971.10/972.70 an ounce from $984.50 late in New York on Wednesday. Earlier it touched a peak of $985.95 an ounce, its strongest level since July 15.

However, analysts said, the precious metal is likely to be gathering strength before another push towards fresh highs above $1,000 an ounce, on burgeoning interest in the metal as a haven from risk.

Gold climbed nearly 5 percent this week to its Wednesday peak, as fear over the outlook for the financial system and fears over rising inflation in the longer term prompted investors to buy gold as a safe store of value.

Among other precious metals, spot silver dipped in line with gold to $14.15/14.21 an ounce from $14.32. Earlier it peaked at $14.38, its strongest level since mid-August.

Spot platinum dipped to $1,074.50/1,079.50 an ounce from $1,097.50, while spot palladium slid to $213/217 an ounce from $217.

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