Gold edges down on lack of demand from India

January 06, 2009

Commodity Online
SINGAPORE : Lack of demand from India, world’s largest gold consumer, hit gold prices in Asian trade Tuesday as it extended losses, slipping 0.5 percent following Monday's drop of nearly 2 percent.

The strengthening of dollar against the euro also holds gold prices from climbing the ladder.

Bullion traded $3.90 lower at $855.00 an ounce at 10.00 am Singapore time from New York's notional close on Monday, when it dipped to its lowest in over a week.

Gold imports by India, the world's largest buyer of the metal, fell 81% in December, and were down 47% in 2008 as high prices and a slowing economy dented demand.

New York gold futures fell $2.3 an ounce to $855.5 in electronic trade, while in Tokyo, December 2009 futures were down 1.1% at 2566 yuan per gram.

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