Gold eases near $985 an ounce in Asia

February 24, 2009

Commodity Online
SINGAPORE : Gold prices fell in early Asian trade Tuesday but analysts expected the yellow metal to climb back near the crucial $1000 an ounce mark achieved last week.

Spot gold was trading at $985.40 an ounce at 10.00 a.m Singapore time, down 0.6% from New York's notional close on Monday.

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Gold hit $1005.40 an ounce on Friday, just 2.5% below the record $1030.80 reached last March.

The SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings remained at a record high of 1028.98 tones at February 23, a level it first marked on February 19.

Traders said more bad economic news could push gold above that level again as people seek a safe place for their money given nagging worries about the stability of the financial sector and longer-term inflation prospects.

Gold is becoming more attractive compared with US Treasuries, often seen as the least risky asset, as the slide in Treasury yields is no longer sustainable due to an impending surge of bond issues, analysts said.

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