Gold slide continues

January 15, 2009

Commodity Online
NEW DELHI : Bullion prices suffered yet another blow Thursday, matching a 1-month low hit the previous day, due to a weaker euro and falling stock markets, but a rise in ETF holdings to new record suggested bullion still finds favor among investors.

The world's largest gold backed exchange-traded fund, the SPDR Gold Trust GLD, said it held 790.66 tones of gold on Jan. 14, up 3.06 tones from 787.60 tones on Jan. 9, with poor prospects for the global economy igniting demand for bullion as a safe-haven asset.

Last year also we have seen Bullion has shown the great returns especially Gold had showed a jump by 58% in 2008 should be no surprise given the rapid declines in stock markets around the world last year as investors looked for safer investment strategies.

The rally in gold which has start from $680 and shown a high of $1032 in the very 1st quarter of the last year itself.

Gold has been in a downtrend against the dollar, while since October, being in a firm uptrend against the pound, making an all time high of £611.25 at the end of last year.

With inputs from Kedia Commodities

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