Gold remains steady near $950 in Asia

February 26, 2009

Commodity Online
SINGAPORE : Gold prices were little changed in early Asian trade Thursday and steadied around $950 as profit taking by investors stopped temporarily.

Spot gold was trading at $952.45 an ounce at 10.00 a.m Singapore time, little changed from New York's notional close of $952.10 on Wednesday. Gold fell 4% over the previous three sessions.

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The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings remained at a record high of 1028.98 tones on February 25, a level it first hit on February 19.

The market has become more volatile after prices rose above the key $1000 level last week, and though factors encouraging risk aversion remain, investors are choosing to cash in on the high prices now rather than chase them higher.

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