Gold falls marginally in Asia as dollar firms

January 09, 2009

Commodity Online
SINGAPORE : Gold prices fell marginally in early Asian trade Friday as dollar showed signs of firmness against euro.

Spot gold stood at $853 per ounce at 10.00 a.m Singapore time, down 0.4% from New York's notional close of $856.10.

All eyes were on the US government's employment report due later on Friday, which was expected to show the world's biggest economy had lost more than 500,000 jobs in December.

On Thursday gold rose 1.6%, largely driven by a fall in the dollar, which makes gold more attractive as an alternative asset.

But the dollar on Friday regained some ground against the euro, which was hurt by expectations of further rate cuts by the European Central Bank.

The euro slipped 0.3% to $1.3671. The European single currency has whipsawed between $1.3964 and a three-week low of $1.3312 this week, according to EBS data.

Gold hit a two-week low of $833 per ounce in early trade on Thursday on increasing demand for cash after a grim private-sector report on the US jobs market helped send global equities reeling.

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