Gold bounces back in Asian trade

January 16, 2009

Commodity Online
SINGAPORE :Gold edged up in late morning Asian trade Friday, after Thursday’s one-month low close, along with oil’s recovery.

Bullion had inched up 0.4 percent to $821.05 an ounce at 10.00 a.m Singapore time, from New York's notional close of $817.45. Gold fell to a one-month low of $801.65 on Thursday.

Cash platinum rose as high as $940.00 an ounce, up $17.5 from New York's notional close.

U.S. gold futures were higher in Asia, with futures for February delivery at $820.9 per ounce, up $13.6 or 1.7 percent from Thursday's settlement on the COMEX division of the New York Mercantile Exchange.

Strong investor interest was spotlighted by news that the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust , held a record 795.25 tonnes of gold by Jan. 15, up 4.59 tonnes from 790.66 tonnes on Jan. 14.

Earlier on Friday, gold moved towards a one-month low as U.S. crude futures extended declines to near $35 a barrel after a 5 percent fall on Thursday, and the U.S. dollar firmed against the euro.

Gold typically moves in line with crude as the direction of the oil market is an indicator of interest in commodities.A weaker dollar makes dollar-based gold less expensive for holders of other currencies.

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