Gold eases near $941 in European trade

February 26, 2009

Commodity Online
LONDON : Gold prices eased in afternoon European trade Thursday despite the yellow metal remained as a safe haven during economic recession.

The precious yellow metal fell to $941.20 an ounce, the lowest since February 17. Earlier it was at $945.90/947.50 an ounce compared with $952.10 late in New York on Wednesday.

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Spot silver was at $13.45/13.51 an ounce from $13.69. Earlier it touched a two-week low of $13.35 an ounce.

Platinum, also a precious industrial metal, was at $1,045.50 an ounce from $1,044 on Wednesday while Palladium was at $196/201 from $195.50.

Investors have been piling into gold investments since last October as the financial crisis escalated after the collapse of Lehman Brothers.

Gold prices hit an 11-month high of $1,005.40 an ounce on Friday, not far from the record high of $1,030.80 an ounce hit last March.
Prices have been boosted by buying for exchange traded gold-backed funds, the biggest of which is the SPDR Gold Trust. SPDR's holdings hit a record above 1,028 tones last week, but since then have remain unchanged.

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