Gold shows signs of recovery

January 08, 2009

Commodity Online
SINGAPORE : Gold prices showed signs of recovery in afternoon Asian trade Thursday as continued worries about Mid East conflict and financial market instability helped spur buying on dips.

In Asian trade, spot gold stood at $845 per ounce, up 0.3% from New York's notional close of $842.20. On Wednesday, gold dropped nearly 3%.

Earlier, gold briefly hit a new two-week low of $833 per ounce in early trading on needs for cash after grim US jobs data renewed worries about the world's biggest economy and sent equities sharply lower.

Gold hit a three-month high near $900 on December 29, when Israeli air strikes in Gaza pushed up oil prices on fears of supply disruptions, and has since hovered below that level.

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