Gold falls marginally in early Asian trade

February 20, 2009

Commodity Online
SINGAPORE : Gold prices fell marginally in Asian trader Friday but continued worries over bleak economic situation around the world is expected to keep safe-haven buying intact.

Spot gold was trading at $972.75 an ounce in Asian trade, down about 0.1% from New York's notional close on Thursday. This compares with its all-time high of $1030.80 marked in March.

The precious metal fell on Thursday on profit-taking sparked by worries that its recent rally had been overdone, but the bleak economic outlook is expected to keep safe-haven buying intact.

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Gold touched $985.95 an ounce on Thursday, marking its highest level since July 15, and was likely to try to consolidate around $960 before heading higher, dealers said.

Gold's popularity as an investment was also evident in the rise in gold exchange-traded funds.

The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said holdings hit a record 1028.98 tones on Thursday, up 4.89 tones or 0.5% from the previous day.

Investment in silver ETFs has also been strong, with holdings of the world's largest, the shares Silver Trust, jumping nearly 3% to a record 7873.75 tones on Wednesday.

Its holdings have raised more than 1000 tones, or 16%, since the start of the year.

In supply news, the world's second-largest gold producer, Newmont Mining, sees equity gold sales at 5.2 million to 5.5 million ounces in 2009, and reported adjusted earnings per share of 26 cents in the fourth quarter.

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