Gold eases below $938 in Asia

February 27, 2009

Commodity Online
SINGAPORE : Gold prices fell marginally in Asian trade Friday after the precious yellow metal showed signs of losing its safe haven status after Asian stocks rose in early session.

Gold for immediate delivery declined as much as 0.9 percent to $937.34 an ounce, and traded at $941.09 at 11:04 a.m. in Singapore. That’s 6.5 percent below the 11-month high of $1,006.29 reached a week ago.

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Gold for April delivery was little changed at $941.90 an ounce on the Comex division of the New York Mercantile Exchange at 11:28 a.m. Singapore time, after a 2.4 percent drop Thursday.

With their longer-term inflation fears easing slightly, investors are taking profit, cautious of the market's ability to rally and hold above the $US1000 level topped a week ago.

Gold has fallen about 5% over the previous four trading days and is about 9% shy of the record-high $1030.80 struck last March. Bullion is set to rise 1.3% this month compared with January.

The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings hit a record 1029.29 tones on February 26, up 0.31 tones from February 19.

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